LONDON (ShareCast) - Investment firm Guinness Peat 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).