FIRB approves Dai-ichi merger with Tower
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.
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