TOWER makes surprise bid for Fidelity
Tower has offered $82 a share for Fidelity, made up of $55 cash and $27 of Tower shares.
The terms of the offer "have been based on the limited publicly available information in respect of Fidelity" and Tower will shortly make a request for further details and "is hopeful that this request will be positively received by the directors."
The offer price is a 2.5% premium to the price Fidelity last changed hands at, Tower said. The inclusion of Tower shares "enables Fidelity shareholders to retain an interest in the combined company, but with liquidity not previously available to them."
Merging the two firms "will reinforce their ability to compete in an industry where most players are overseas owned," said chairman Tony Gibbs.
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