Tower set to announce purchase

Shares in insurer and fund manager Tower have been placed in a trading halt pending an announcement of an acquisition.

Tower said it would make an announcement at about 11am today, after which trading would resume.

No further details on the acquisition were available.

Late last year Tower was reported to be sniffing around Australia's PrefSure, the old Lumley life insurance book.

Shares in Tower last traded on Friday at $2.08, having ranged between $1.73 and $2.40 over the past 12 months.

- NZPA