GPG heading towards hostile takeover of Tower NZ
Guinness Peat Group Twenty One (GPG) believes it has the numbers to go ahead with its plans to increase its holdings of Tower New Zealand’s shares by 15.3 per cent, it announced yesterday.
GPG, run by ex-pat New Zealander Ron Brierley, had offered $2.30 per share but the Tower Board had rejected their offer on the basis that it was under the recommended value range given by an independent adviser.
Yesterday GPG released a statement to the New Zealand Stock Exchange saying that it had advice that certain Tower shareholders intended to accept its offer and that it was “highly confident” that it would be successful.
It added that the offer was full and final and would not be extended beyond the current closing date of June 19.
The Tower board has yet to respond to the GPG statement.
Tower split its New Zealand and Australian business into separate listed businesses late last year.
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