Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Tower Rises After Guinness Peat Makes Partial Bid

Updated on

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.

To contact the reporter on this story: Tracy Withers in Wellington at

To contact the editor responsible for this story: Iain Wilson

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.