The board of ASX-listed life insurer Tower has thrown its support behind a takeover bid from Canada's Fairfax Financial worth NZ$197 million ($186 million) in the absence of a superior proposal.
The all-cash bid of $1.17 a share – as revealed by Street Talk on Thursday morning – represents a premium of 48 per cent to the New Zealand-based company's closing share price on February 8 and a 47 per cent premium to the three-month volume weighted average (VWAP).
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James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
