No changes at Tower
There will be no significant change to the operations of Tower Australia Limited flowing from its proposed acquisition by big Japanese insurer Dai-ichi Life Insurance Company.
Dai-ichi, which was already a significant shareholder in Tower, moved to acquire all of the issued shares in the group just over a week ago — but a spokesman for Tower made clear that the transaction would not result in any immediate change to executive structure, staffing or operations of the group.
The acquisition has been unanimously recommended by the independent directors of Tower Australia, and the company is now in the process of appointing an independent expert to review the offer and to determine whether it is fair and in the best interests of shareholders.
Shareholders will be asked to vote on the proposal at a meeting to be held in April.
The Dai-ichi offer stands at $4 per share.
AUTHOR
Mike Taylor
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