Suncorp has made an improved $NZ236.1 million ($A227.2 million) takeover bid for New Zealand insurer Tower.
Suncorp already owns a 19.9 per cent stake in Tower through its Vero NZ subsidiary and on Monday said it has offered $NZ1.40 per share for the remainder.
That's an increase from its earlier $NZ1.30 offer.
"There is strong strategic rationale for combining the businesses of Suncorp New Zealand and Tower," Suncorp New Zealand chief executive Paul Smeaton said.
"We strongly believe in the compelling benefits of the acquisition and the significant value that would be created for Suncorp shareholders and benefits to market competition."
Vero NZ is working with the New Zealand Commerce Commission to secure approval for the acquisition, which also needs Reserve Bank of New Zealand approval.
Tower shares on the NZ stock exchange have been placed in a trading halt.
