22 February 2017
Market Information Company Announcements Office
NZX Limited ASX Limited
Level 1, NZX Centre Exchange Centre
11 Cable Street Level 6, 20 Bridge Street
Wellington Sydney NSW 2000
New Zealand Australia
Tower receives non-binding proposal from Vero for 100%Further to its earlier announcement, Tower Limited (NZX/ASX: TWR) confirms that it has now received a non-binding indicative proposal from Suncorp Group Limited (ASX: SUN). Through its wholly-owned subsidiary Vero Insurance New Zealand Limited, Suncorp is seeking to acquire all Tower shares at an indicative cash price of NZ$1.30 per share.
Tower and its advisers are considering the Suncorp proposal, and working through obligations with respect to the Scheme Implementation Agreement with Fairfax Financial Holdings Limited (FFHL).
The Tower Board of Directors will update the market on any material developments as they occur. In the meantime, the Board advises shareholders not to take any action without carefully assessing all available information and seeking their own professional advice.
ENDSTOWER
Michael Stiassny Chairman
Tower Limited
ARBN 088 481 234 Incorporated in New Zealand
To arrange media interviews, please contact in the first instance:Nicholas Meseldzija
Head of Corporate Communications Tower Limited
Mobile: +64 21 531 869
Email: nicholas.meseldzija@tower.co.nz
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Suncorp Group Ltd. published this content on 22 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 February 2017 21:59:23 UTC.
Original documenthttp://www.suncorpgroup.com.au/announcements-pdf/885149
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