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Royal & SunAlliance bids for Tower's suitor

Royal & SunAlliance in Australia has made a takeover bid for New Zealand Guardian Trust parent Tyndall Australia.

Wednesday, February 17th 1999, 12:00AM

by Philip Macalister

Royal & Sun Alliance Australia Holdings Ltd (RSA) has announced that it is making an A$2.80 per share cash offer for Tyndall Australia Ltd through its wholly owned subsidiary Royal & Sun Alliance Life Assurance Australia Ltd (RSA Life).
The offer values Tyndall at approximaetly A$738 million and represents a 16.1 per cent premium to Tyndall's weighted average shareprice over the past three months.
If the offer is successful RSA will acquire Tyndall-subsidiary New Zealand Guardian Trust, and Tyndall's life business in New Zealand.

A company related to RSA has enterd into in an agreement with a company related to Guinness Peat Group plc, Tyndall's largest shareholder, to acquire 25.1 million Tyndall shares.
These shares represent 9.9 per cent of Tyndall's issued capital. The agreement is conditional on the takeover offer becoming unconditional.
"The combination of Royal & SunAlliance and Tyndall will create a very strong local insurance, superannuation, funds management and trustee group with the support of one of the world's leading global insurance networks,' RSA managing director Duncan Boyle says.
"Tyndall is a good, well managed company with quality staff and, when combined with our own quality staff and management, I am very confident about the group's future," Boyle says.
"Royal & SunAlliance's attractive offer represents full value and demonstrates our commitment to the local market. We look forward to expanding our range of investment products and services.
"In the meantime, it is business as usual and I stress that all existing policies and investments are unaffected by the offer." RSA Life's offer will be subject to a number of conditions, including becoming entitled to proceed with compulsory acquisition of the outstanding Tyndall shares.
RSA Life is a wholly owned subsidiary of Royal & Sun Alliance Australia Holdings Ltd which is a wholly owned subsidiary of Royal & Sun Alliance Insurance Group plc.
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