SYDNEY, Dec 29 (Reuters) - Tower Australia Group Ltd , the country's fifth biggest life insurer, agreed to a $1.2 billion takeover offer from top shareholder Japan's Dai-ichi Life Insurance, adding to the string of M&A's in Australian wealth management and insurance.
Tower said its directors unanimously approved the takeover approach from Dai-ichi and expect to put it to a shareholder vote in the second quarter of 2011.
Dai-ichi, which already owns 29 percent of Tower, offered on Tuesday $4.00 per share or a 47 percent premium to Friday's closing price for Tower share it does not already.
(Reporting by Narayanan Somasundaram) Keywords: TOWER DAIICHI/ (narayanan.somasundaram@thomsonreuters.com)(+61 2 9373 1815)(Reuters Messaging: narayanan.somasundaram.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Tower said its directors unanimously approved the takeover approach from Dai-ichi and expect to put it to a shareholder vote in the second quarter of 2011.
Dai-ichi, which already owns 29 percent of Tower, offered on Tuesday $4.00 per share or a 47 percent premium to Friday's closing price for Tower share it does not already.
(Reporting by Narayanan Somasundaram) Keywords: TOWER DAIICHI/ (narayanan.somasundaram@thomsonreuters.com)(+61 2 9373 1815)(Reuters Messaging: narayanan.somasundaram.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.