Morningstar

Morningstar, Inc.

Equity Bottom-Up

<p>General insurer Tower has received a NZD 1.17 per share cash takeover proposal from Canadian financial group Fairfax Financial Holdings to be implemented via a scheme of arrangement. The offer price is a 48% premium to Tower’s NZD 0.79 closing price on Feb. 8, 2017 and 38% above our previous NZD 0.85 fair value estimate.</p>
<p>We raise our fair value estimate to NZD 1.17 from NZD 0.85 per share, in line with the offer price. We do not expect a superior offer to emerge and expect the proposal to…</p>

New Zealand

TOWER Limited provides risk insurance and wealth management products and services. The Company operates in general insurance, health & life insurance, and investments and funds management.

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