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International

Tower's board backs Suncorp's improved takeover bid

June 27, 2017 Reprints

New Zealand-based insurer Tower Ltd.'s board is backing an increased takeover bid of $236 million New Zealand ($172 million) from Australian insurer Suncorp Group Ltd.'s subsidiary Vero Insurance New Zealand Ltd., NBR.co.nz reported citing BusinessDesk. Tower has signed a scheme implementation agreement with Suncorp, under which Vero Insurance will pay NZD 1.40 per share to buy the insurer. The deal is subject to approval from competition regulator New Zealand Commerce Commission and the country's central bank, Reserve Bank of New Zealand.

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Tower's board backs Suncorp's improved takeover bid

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