Fairfax Financial to acquire NZ carrier Tower

Canadian conglomerate Fairfax Financial has agreed to buy New
Zealand insurer Tower for NZ$197mn ($143.9mn).
At NZ$1.17 per share, the deal consideration is 48 percent
higher than Tower's closing price yesterday, and a 47 percent
premium to the company's three-month volume-weighted average
share price.
The offer has been unanimously supported by the Tower board, and
Fairfax already has the backing of Salt Funds Management and ACC,
which collectively own 18.1 percent of Tower's stock.
Tower chair