… as Tower NZ fights partial takeover
Tower Limited has advised shareholders not to accept a partial takeover offer from investment company Guinness Peat Group (GPG) because the price is too low.
The Wellington-based company recommended shareholders reject the GPG offer of $NZ2.30 ($1.88) per share, which it says is at least 15c short of an adviser valuation. GPG is looking to raise its stake in Tower from 19.7% to 35%.
Last Wednesday GPG announced it has assurances from Tower investors for two-thirds of the shares needed to reach its target. The offer closes on June 19.
The Wellington-based company recommended shareholders reject the GPG offer of $NZ2.30 ($1.88) per share, which it says is at least 15c short of an adviser valuation. GPG is looking to raise its stake in Tower from 19.7% to 35%.
Last Wednesday GPG announced it has assurances from Tower investors for two-thirds of the shares needed to reach its target. The offer closes on June 19.