FMG sides with Fidelity Life in opposition to Tower offer
Farmers Mutual Group (FMG), which holds a 10.8% shareholding in Fidelity Life Assurance Company, has signalled its opposition to Tower's takeover notice.
Wednesday, October 6th 2010, 11:39AM
FMG chief executive Chris Black said the basis for its opposition is twofold.
"Firstly we concur with Fidelity that the bid is unrealistic in that it significantly under values the company.
"Secondly we would not want to see Fidelity Life's sound business model, its proven performance as reflected in the annual results announced this week, and its successful track record unnecessarily put at risk".
| « Fidelity Life says major shareholders to reject Tower offer | Fidelity appoints Grant Samuel as independent adviser for takeover bid » |
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