Predator targeting Tower

Australian sharemarket predator David Tweed is now targeting Tower shareholders, the company says.

Tweed, who has a history of writing to shareholders on both sides of the Tasman with low offers for their shares in various companies, is offering $1.75 for Tower Australia shares.

The shares closed at A$2.51 on the ASX on Friday.

Tower Australia shares were allotted to Tower shareholders late last year when the company split.

Tower Australia chief executive Jim Minto said shareholders should disregard Tweed's offer or at least seek advice from an investment professional.

Shareholders who did not wish to keep small parcels of Tower Australia shares would be able to sell them to the company at market price with no brokerage fee in a scheme to be announced shortly.