16 Aug 2012

Tower shareholders targeted with low ball offer

9:07 am on 16 August 2012

Tower says its shareholders have been targeted with a low ball offer by Australian company Stock and Share Trading.

The company, whose sole director and shareholder is John Armour, is well known for trying to buy shares in other NZX-listed firms for below market value.

The insurer and fund manager says Mr Armour is offering $1.00 per share which is a substantial discount to the company's most recent market price at $1.74.

The same company has also recently targeted Turners & Growers and Heartland New Zealand with similar low ball offers.