Tower surges on offer of $1.2bn -Life Insurance
TOWER Australia Group shares surged to a record high yesterday after directors recommended shareholders accept Dai-ichi Life Insurance's $1.2bn takeover offer. The stock jumped $1.14, or 41.8 per cent, to $3.87 in intra-day trading, the highest since the company was split from New Zealand-based Tower in 2006. The deal requires court approval, the go-ahead of Tower shareholders, and the green light from Australian and Japanese authorities. Tower said its independent directors recommended shareholders back the $4 per share offer in the absence of a superior proposal and subject to an independent expert's report.Dai-ichi offered to buy the 71.04 per cent of shares in Tower it did not own, via a scheme of arrangement. That valued all of Tower at $1.76 billion. The offer was a 46.5 per cent premium to Tower's last closing share price of $2.73 on Christmas Eve. Tower chairman Rob Thomas said the independent directors believed the offer represented a "compelling premium and a highly-attractive outcome for our shareholders". Dai-ichi bought its stake in Tower in 2008 for $376.3 million and took up its full entitlement in the life insurer's equity raising this year.
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