Suncorp challenges Fairfax for Tower

Suncorp subsidiary Vero has made a competing bid of NZ$1.30 a
share for 100 percent of New Zealand insurer Tower, less than two
weeks after Tower accepted a NZ$1.17 per share, or NZ$197mn
($141mn), offer from Fairfax Financial.
Tower said earlier today that Suncorp had initially sought to
buy up to 19.99 percent of the New Zealand carrier, with a view to
escalate that to 100 percent of the shares. The bid would value
Tower at NZ$219.3mn, based on the...