Friday May 2, 03:22 PM
Guinness Peat to raise stake in Tower
LONDON (ShareCast) - Investment firm Guinness Peat (GPG.NZ - news) has made a partial cash offer for New Zealand risk insurance firm
Tower Limited in order to raise its stake to 35%.Guinness Peat will offer NZ$2.30p (90p) per share to purchase up to 29m shares, or 15.30% of the firm. It already holds 19.7% of Tower's issued shares. Gross assets of Tower at 30 September 2007 were NZ$1.54bn (£606m) with pre-tax profits at $55m (£22m).
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