13 Oct 2010

Fidelity Life appoints Samuel to look at bid

8:03 pm on 13 October 2010

Takeover target Fidelity Life has appointed Grant Samuel to assess the merits of Tower's hostile bid.

Tower is offering $82 a share, made up of $55 cash, and $27 worth of Tower shares.

It needs the support from 90% of Fidelity's shareholders to succeed.

Two of Fidelity's largest shareholders have already rejected the bid, which has yet to be formalised.

Fidelity says it will send a copy of the report to shareholders if a formal takeover offer is made by Tower.