My crystal ball worked - Suncorp enters the fray at $1.30. This could get very interesting as Fairfax have the right to match Suncorp....let the games begin.
Kudos to you for predicting this. Will be a few very interesting days for Tower.
My crystal ball worked - Suncorp enters the fray at $1.30. This could get very interesting as Fairfax have the right to match Suncorp....let the games begin.
Well done, Arbroath.
There is an escalation clause in Suncorp's offer so there are definitely expectations of a bidding war.
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
Last edited by Beagle; 22-02-2017 at 11:31 AM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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.
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
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
Originally Posted by Arbroath
Reply With Quote
Bookmarks