Shortly after it upped its offer on Tower Limited,
Vero Insurance New Zealand Limited has finally won the takeover battle against Canadian financial giant Fairfax over the Auckland-based insurer.
Vero, a wholly-owned subsidiary of ASX-listed
Suncorp Group Limited, has signed a scheme implementation agreement with Tower whereby it proposed to acquire all of Tower's outstanding shares for NZ$1.40 per share.
The new offer valued the Kiwi insurer at NZ$236m, and beat Fairfax's earlier bid of NZ$197.3m or NZ$1.17 per share.
The scheme of agreement remains subject to a number of conditions, including approval by Tower shareholders and court approval. The transaction also needs to obtain the necessary regulatory approvals, including from the New Zealand Commerce Commission and the Reserve Bank of New Zealand.
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