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.
Recommended for you
Questions have been raised regarding the viability of the current Australian Financial Services licensing regime, and the role that licensees have to play in monitoring and supporting the profession.
ASIC has said it is exploring whether there are concerns regarding Macquarie and Equity Trustees for hosting platforms where investors rolled over their superannuation into the Shield Master Fund.
Almost 30 staff at AMP could be affected by changes to its marketing and communications team, Money Management understands, as it makes two senior hires.
Superannuation fund Cbus has announced it will offer a financial advice offering for its members and their partners called Advice Essentials Plus.