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 for its proposal to acquire all of Tower’s outstanding shares for $1.40 per share.

The new offer valued the Kiwi insurer at $236 million, and beat Fairfax’s earlier bid of $197.3 million, or $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 need get the necessary regulatory approvals, including from the New Zealand Commerce Commission and the Reserve Bank of New Zealand.


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