Suncorp strikes Tower takeover deal

Suncorp subsidiary Vero has won the battle to take over New
Zealand insurer Tower, seeing off competition from Canadian
conglomerate Fairfax Financial.
Tower said today it had entered into a scheme implementation
agreement for Vero to acquire 100 percent of Tower's shares
after the bidder increased its offer to NZ$1.40 a share.
This represented a 77.2 percent premium to Tower's
undisturbed closing share price on 8 February. The deal values
Tower at roughly NZ$236.1mn ($172mn).
Fairfax announced