Tower puts Fidelity bid on hold

Tower has put its hostile takeover bid for rival Fidelity Life Assurance on hold.  

Chairman Tony Gibbs said the company will let its $82-a-share offer of cash and stock lapse at the end of the month after Fidelity wasn’t forthcoming in providing new information to Tower. The target signalled its unease with the offer, calling it “unhelpful” and “inappropriate”, and said it was uncomfortable giving company details to a rival.

“There are matters raised in (Fidelity’s) accounts that need to be thoroughly analysed, and their implications evaluated, before Tower decides any future course of action,” Gibbs said.

Shares in Tower fell 1.1% to $1.86 in trading today.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

EXPRESSION OF INTEREST IN THE SUPPLY OF MEREENIE GAS
IPL - FY24 Annual Results
CEN - Contact to revisit Wairākei development options
May 17th Morning Report
PaySauce to announce full year results on 22 May 2024
BGP - Results of Briscoe Group Limited Annual Shareholder Meeting
Judith Swales to leave Fonterra
Fonterra announces step-change in strategic direction
USX Trading Results 15th May
Devon Funds Morning Note - 15 May 2024