Tower takeover implemented
The Australian Securities Exchange (ASX) has suspended the trading of shares in Tower Australia Group now that the scheme of arrangement between Tower and its shareholders has come into effect.
Tower stated it had lodged a copy of the court order approving the scheme with the Australian Securities and Investments Commission (ASIC) yesterday, making the scheme effective.
Non-Dai-Ichi Life shareholders who hold shares on 4 May, 2011 will be entitled to receive $4 in cash per share, which will be paid within five business days of the implementation date of 11 May.
Last week, Tower’s non-Dai-Ichi Life shareholders voted overwhelmingly in favour of the takeover by the Japanese insurer.
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