Tower Australia (Tower) shareholders have voted in favour of the proposed scheme of arrangement that will result in Dai-ichi Life acquiring all of the ordinary shares in the company.
In a statement to the Australian Securities Exchange, Tower said its Australian shareholders, other than the Dai-ichi Life Insurance company and its associates voted in favour of the scheme at a meeting in Sydney yesterday.
Tower will apply to the Federal Court of Australia on 21 April for approval of the scheme.
If the scheme is approved by the Court, on 4 May, non-Dai-ichi Life shareholders will be entitled to receive $4.00 in cash per share.
The scheme consideration is expected to be paid to non-Dai-ichi Life shareholders within five business days after the implementation date.
The implementation date is expected to be Wednesday 11 May.
In December last year, Dai-ichi offered to buy out the remaining shares in Tower that it didn’t already own, for $1.76 billion.
