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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.

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