May 5 (Bloomberg) -- Tower Ltd., New Zealand's third-biggest fund manager for individuals, rose in Wellington trading after Guinness Peat 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.
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