GPG secures partial takeover of Tower NZ
Guinness Peat Group (GPG) subsidiary Twenty One has succeeded in its partial takeover bid for NZ financial services firm Tower Limited.
The deal takes GPG’s stake in Tower Limited from 19.7% to 35%.
GPG secured 36.37% of total company shares by last Wednesday, well above the minimum acceptance level of 15.3% of total shares on issue.
Tower Limited had advised shareholders not to accept the offer of $NZ2.30 ($1.84) per share because it was at least 15c short of an adviser valuation.
The offer closed last Thursday.
The deal takes GPG’s stake in Tower Limited from 19.7% to 35%.
GPG secured 36.37% of total company shares by last Wednesday, well above the minimum acceptance level of 15.3% of total shares on issue.
Tower Limited had advised shareholders not to accept the offer of $NZ2.30 ($1.84) per share because it was at least 15c short of an adviser valuation.
The offer closed last Thursday.