GPG nearly over the line for Tower takeover
Jim Minto
The Guinness Peat Group Twenty One (GPG) is less than 1 per cent away from succeeding in its hostile takeover of Tower Limited New Zealand (Tower).
Tower announced today that the holders of 14.36 per cent of the total Tower shares on issue had accepted Tower’s offer of NZ$2.30 per share.
GPG wants a minimum acceptance level of 15.3 per cent of shares by the closing date of 7pm Thursday, June 19, Tower said.
Last week Money Management reported that a majority of shareholders had voted to accept GPG’s bid to control 35 per cent of the Tower voting rights.
GPG, run by ex-pat New Zealander Ron Brierley, had earlier 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 as determined by an independent adviser.
Despite the rejection, GPG released a statement to the New Zealand Stock Exchange saying that it was “highly confident” that its offer would be successful.
Tower split its New Zealand and Australian business into separate listed businesses late last year.
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