Guinness Peat Group subsidiary GPG Twenty One Limited has succeeded in its partial take-over bid for New Zealand-based insurer and financial services house Tower Limited.

Tower announced to the Australian Securities Exchange today that GPG Twenty One, which had sought 35 per cent of the voting rights of Tower, had gained acceptance of holders of 69.7 million shares or 36.37 per cent of the total shares on issue within the company.

The final closing time for the GPG Twenty One bid was 7 pm Thursday in circumstances where a simple majority of shares voted was required, and of the 76.4 million shares voted, 93.5 per cent were in favour.