FIRB approves Dai-ichi merger with Tower

25 March 2011
| By Milana Pokrajac |

The Foreign Investment Review Board had stated it had no objections to the Japanese insurer Dai-ichi Life’s proposed acquisition of the remaining shares in Tower Australia, by way of a scheme of arrangement.

Tower has released an announcement on the Australian Securities Exchange, stating the condition to the implementation of the scheme had been fulfilled.

“Dai-ichi Life and Tower Australia are working towards the satisfaction of the remaining conditions precedent to the implementation of the scheme,” Tower stated.

The Scheme Booklet had been sent out to shareholders, who will meet on 18 April to approve the scheme.

Tower’s general manager for investor relations and listed company secretary, Philippa Ellis, said the second court hearing for the approval of the scheme had been scheduled for 21 April, subject to other regulatory approvals.

If given the green light, the scheme would be implemented on 11 May, 2011, Ellis said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago