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Tower NZ stands firm against GPG bid
Tower New Zealand’s committee of independent directors has formally advised its shareholders to reject an offer of NZ$2.30 per share by Guinness Peat Group Twenty One (GPG).
Chairman William Falconer wrote that the directors recommended that shareholders approve GPG’s bid to acquire a further 15.3 per cent shareholding in Tower New Zealand, but “not at a price of NZ$2.30 per share”.
The advice to shareholders follows GPG’s statement last week that it believes it has the numbers to go ahead with its plan to increase its holdings of Tower New Zealand shares with a final offer of $2.30 per share.
Falconer referred shareholders to a Grant Samuel assessment which put the underlying value of Tower New Zealand’s shares in the range of NZ$2.45 to NZ$2.89 per share.
The directors said they agreed with the Grant Samuel evaluation and conclude that GPG’s offer should reflect the higher value that Grant Samuel sees in the company.
3 June 2008
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