Tower New Zealand takeover a step closer
The Guinness Peat Group Twenty One (GPG) partial takeover of Tower Limited New Zealand looks set to go ahead, with Tower announcing that a majority of shareholders have so far voted to accept GPG’s bid to control 35 per cent of the Tower voting rights.
Tower also said that shareholders had been asked to decide whether to accept the GPG offer of NZ$2.30 per share in respect of their own shares.
So far, 9.14 per cent of shareholders have accepted GPG’s offer.
Recently, Money Management reported that GPG, run by ex-pat New Zealander Ron Brierley, had made an offer for the shares that had been rejected by the Tower board on the basis that it was under the recommended value range given by an independent adviser.
GPG subsequently released a statement to the New Zealand Stock Exchange maintaining it had advice that some Tower shareholders intended to accept its offer and that it was “highly confident” that it would be successful.
Tower split its New Zealand and Australian operations into separate listed businesses late last year.
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