Tower Rises After Guinness Peat Makes Partial Bid

Tower Ltd. (TWR), New Zealand's third- biggest fund manager for individuals, rose in Wellington trading after Guinness Peat (GPG) Group Plc said it will bid for a 15.3 percent stake.

Guinness Peat on May 2 said it will offer NZ$2.30 apiece for the shares, valuing all of Auckland-based Tower at NZ$917 million ($713 million). Tower shares rose 7.2 percent to NZ$2.23 at the 5 p.m. market close in Wellington.

Guinness Peat owns 19.7 percent of Tower and its New Zealand-based executive director Tony Gibbs is Tower's chairman.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net

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