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Tower accepted $1.35 on fears of 'catastrophic' share price fall

Tower chairman Olaf O’Duill has revealed that the fear of a ‘catastrophic’ fall in the company’s share price persuaded its board to accept the security of a fully underwritten offer of $1.35 per share from Guinness Peat Group even though the market price was $1.41-1.43 at the time...

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