February 9, 2017 / 1:13 AM / 6 months ago

BUZZ-New Zealand's Tower hits 5-mth high; Fairfax Financial buys insurer

** New Zealand's third-largest insurance group Tower Ltd climbs as much as 43 pct to NZ$1.13, its highest since Sept 8, 2016

** Stock posts record intraday percentage gain

** Company agreed to sell all of its shares to Canada's Fairfax Financial for NZ$197 mln

** Fairfax will pay Tower shareholders NZ$1.17 per share, a premium of 48 percent to the company's closing price on Feb. 8

** About 675,313 shares change hands, 3.8 times the 30-day average

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