Kudos to you for predicting this. Will be a few very interesting days for Tower.
Printable View
I think the fact that other companies are after Tower indicates the expectation that super profits are to be forthcoming from poor old Kiwi's in terms of their insurance premiums in the years ahead.
Already IAG's profit out of N.Z. insurance and pricing I have seen from them on insurance products indicates to me Kiwi's are paying well over the odds for insurance and IAG appear to be exerting undue dominance on market pricing.
Hopes that the commerce commission would investigate excessive insurance costs due to a lack of effective market competition are slim. In my opinion Youi shouldn't even be here in N.Z. after their appalling commercial conduct but then we'd have even less competition :eek2:
Didn't follow my advice but happy to see my prediction playing out
Volume almost 12M, any ideas why?
The ANZ securities graph has this volume all occurring at $1.40 at pretty much the same time (12pm). No-one is going to buy that sort of volume at 10c above the latest known bid unless they were intending on bidding for the first time or its one of the existing two bidders planning on an increased offer. There will need to be a substantial shareholder notice soon.
Vero buying at $1.40
On 14 March 2017, Vero agreed to purchase 11,315,720 ordinary shares in Tower Limited from Perpetual Limited and its subsidiaries ("Seller") at a sale price of $1.40 per Share (total consideration of $15,842,008) ("Transaction"). Settlement of the Transaction is to occur on 16 March 2017.
NZX.com
The vultures are gathering over TWR!