Guinness Peat Group company GPG Twenty One Limited has succeeded in achieving the minimum acceptance level for its partial takeover offer of New Zealand’s Tower Limited.

Tower Limited informed the Australian Securities Exchange this morning that, to date, holders of 17.85 per cent of total shares on issue in Tower had accepted the GPG offer.

It said this exceeded the minimum acceptance level required under the offer of 15.3 per cent of shares on issue.

GPG is seeking a controlling 35 per cent of the voting rights of Tower. It has advised that its offer will close on Thursday.