KEY POINTS:
Tower shares soared 9 per cent when the sharemarket opened this morning following Guinness Peat Group's move for a partial takeover on Friday.
Tower shares opened on 227, 19 cents or 9.1 per cent up on close of play on Friday.
The shares have traded between $1.70 and $2.64 in the last year.
The NZSX-50 Index was up 2.6 points by 10.30am to 3663.94. It had closed up 0.9 per cent, or 30.93 points, at 3661.34 on light volume of $94 million on Friday.
Trading in Tower shares was halted on Friday afternoon when GPG made a move on perennial takeover target Tower, offering $2.30 per share for 15.3 per cent of the financial services company and insurer.
Already a 19.7 per cent shareholder, GPG wanted to reach a target of 35 per cent. It wants the shares to bring the value of its investment back in line with others in its portfolio, with Tower having shrunk in size after spinning off its Australian business in 2006.
GPG executive director Tony Gibbs said he expected the $67.5 million offer to be well supported, particularly by small shareholders who often held uneconomic share parcels.
GPG moved up 1 cent to 176.
Top stock Telecom opened down 1 cent to 389 having settled down on Friday after keen interest before announcing its $100 million fall in March quarter net profit to $140 million.
Elsewhere among blue chips, Contact Energy was down 1 cent to 955. Fletcher Building was up 2c to 878.
Sky TV rose a further 5 cents to 467 on top of a 19 cent increase on Friday.
The Warehouse was up 10 cents to 585 after a 7 cent fall on Friday as the market awaited a Court of Appeal decision on whether Woolworths and Foodstuffs can bid for the discount retailer.
Air New Zealand was up 2c early to 130, Fisher & Paykel Appliances was down 3c to 250, while Hallenstein Glasson lifted 7c to 370 on low volumes.
- NZPA