Scoop has an Ethical Paywall
Tower puts Fidelity bid on hold
Tower puts Fidelity bid on hold
Oct. 28 (BusinessDesk) – Tower Ltd., the insurer controlled by Guinness Peat Group, has put its hostile takeover bid for rival Fidelity Life Assurance Co. on hold.
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.
Shares in Tower fell 1.1% to $1.86 in trading today.
(BusinessDesk)
Bill Bennett: Fixed Voice Rules Head For Deregulation
UN Department of Global Communications: United Nations Proposes New Global Dashboard To Measure Progress Beyond GDP
Banking Ombudsman Scheme: Fraud Check Delays Well Worth The Inconvenience, Says Banking Ombudsman
Asia Pacific AML: NZ’s Financial Crime Gap - Beyond The 'Number 8 Wire' Mentality
Westpac New Zealand: Kiwi Households Adapting Despite Widespread Cost Pressure Concerns, Westpac Survey Shows
University of Auckland: Kids’ Screen Use Linked To Long-Term Deficits In Self-Control And Attention
