tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, May 26th, 12:43PM

Insurance

rss
Latest Headlines

Tower ices Fidelity bid

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

Thursday, October 28th 2010, 9:40PM

Tower 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.

Meanwhile Fidelity says: "Fidelity Life recognises that Tower has made this decision having reviewed its published, audited accounts which demonstrates the very strong continued performance of the company."

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

« BIG, Minerva and PIS become a merged entityAIA's IPO sets new records »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Fitch runs Covid-19 ruler over industry
AIA has had its Fitch rating affirmed with a stable outlook, while Suncorp is affirmed with outlook revised to negative.

MDRT waives production requirements
MDRT has waived production requirements for its members this year.

Rating agency gives Partners the tick; Here's what it said
A M Best says Partners Life has a very strong balance sheet and has continued to award its current rating.

Hardship fund for Asteron customers
Suncorp is establishing a $2 million hardship fund for Vero and Asteron Life customers.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com