February 21, 2017 / 11:28 PM / 10 months ago

BUZZ-New Zealand's Tower jumps on Suncorp takeover bid

** Insurance provider TOWER Ltd jumps 15.42 pct to an over 5-mth high of A$1.310

** Co says Suncorp Group Limited offered shareholders NZ$1.30 for each Tower share, to initially buy a 19.99 pct stake in Tower with a view to buy 100 pct of Tower shares

** Suncorp’s offer represents a premium of 13 pct over Tower’s close on Tuesday and is greater than Fairfax Financial Holding’s bid of NZ$1.17 for each Tower share

** 3.1 mln shares change hands, nearly 6 times the 30-day avg (ambar.warrick.thomsonreuters.com@reuters.net)

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