Suncorp ends NZ takeover bid

Suncorp' Vero had made a $236.1 million bid for Tower, which was blocked by the regulator over competition concerns.

But it's plan was scuppered in July, when the Commerce Commission vetoed the takeover because it threatened to substantially lessen competition, potentially leading to higher house, vehicle and contents insurance premiums for households.

In an announcement to the Australian ASX sharemarket Suncorp said its decision was a result of Tower ending the two companies' "agreement" to pursue the takeover.

Tower has yet to confirm the status of its own commission appeal.

The Australian financial services business said its subsidiary Vero had received notice of termination from Tower and Suncorp would now focus on maximising the value of its 19.9 per cent Tower shareholding.

Auckland-based Tower terminated a scheme implementation agreement with Vero after the deal passed its end date, but has told the Australian insurer it's willing to discuss new terms once it has raised capital. In a statement, Tower chairman Michael Stiassny said the board is working on plans to raise capital and will update the market when it releases full-year results on November 14.

Both Vero and Tower appealed the commission's decision and a hearing was scheduled for late January.

Tower's share price has fallen on the news.

Vero is giving up in its battle with the Commerce Commission to get the green light to take over Tower.

Vero owns 20% of Tower, having paid up to $1.40 a share accumulating its stake.

Like this


07 November 2017
Dunkin Brands Group Inc (NASDAQ:DNKN) Institutional Investor Positioning Change
Over the last three months, the shares of the company have changed -10.57% and performed -4.73% over the last six months. Arrowpoint Asset Management Llc decreased Dunkin Brands Group Inc (DNKN) stake by 1.22% reported in 2017Q2 SEC filing.

07 November 2017
Royal Bank Of Canada Reaffirms Buy Rating for BB&T Corporation (NYSE:BBT)
BB&T Corporation (NYSE: BBT ) touched its 1-Year High price of $49.91 on 11/01/17 and its 1-Year Low price of $38.23 on 11/04/16. The insurance provider reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78.

07 November 2017
House GOP Weighs Repeal of Health Mandate in Tax Bill
Despite the various analyses, Republicans argued vociferously that the legislation is targeted toward the middle class. Winning over MacArthur is a big victory for House GOP leaders trying to bring on lawmakers from those states .

07 November 2017
Arsenal boss Wenger expects big Ozil performance at Man City
I don't know if those things affected it, but they couldn't have helped. 'We have done really well recently and are full of confidence, creating many opportunities.

07 November 2017
Walnut Creek teacher arrested for alleged inappropriate behavior
A science teacher at Walnut Creek Intermediate School also has been removed from the classroom while this investigation plays out. Bartel, 33, was a substitute teacher in Martinez during the 2013-2014 school year, according to the district.

07 November 2017
2 former Oklahoma lawmakers appointed to USDA positions
He also served in the Michigan Army National Guard and served as a senior policy adviser for the Michigan Veterans Affairs Agency. Gross is now the Economic Development Director for the Lake Area Improvement Corporation in Madison.

07 November 2017
Paul Holywood Responds To Prue Leith's 'Great British Bake Off' Blunder
Faldo won the 2017 series after wowing judges with bakes such as a honey bee-themed version of a traditional entremet cake. But while fans of the Channel 4 show were left disgruntled, Sophie admits she does not hold a grudge towards Prue.

07 November 2017
Abraxas Petroleum Corporation (AXAS) Scheduled to Post Earnings on Tuesday
Moreover, Cambridge Invest Advsr has 0% invested in Abraxas Petroleum Corp. (NASDAQ:AXAS) on Friday, August 11 to "Buy" rating. Ratings analysis reveals 100% of Abraxas Petroleum's analysts are positive. (NASDAQ:AXAS). 2.11M are held by Northern.

07 November 2017
Authorities Investigating Helicopter Crash in NW Iowa
The Federal Aviation Administration is scheduled to arrive Tuesday morning to investigate the crash. The victims were transferred to a Sioux Falls hospital.

07 November 2017
The Pandora Media Inc. (P) Insider Sold $21660.00 in Stock
This particular stock's 5-day moving average is 6.99, its 20-day moving average is 7.49 and its 100-day moving average is 8.26. Capstone Investment Advisors Ltd Limited Liability Company stated it has 0% of its portfolio in Pandora Media Inc (NYSE:P).