Dai-ichi Life Insurance Company Limited has made an offer to purchase the remaining 70.3% of Tower shares to take them to 100% ownership. The bid is subject to regulatory approval and a shareholder vote in April but has received the support of Tower’s Board of Directors. Rob Thomas, the Chairman of Tower, said that the offer would strengthen Tower’s ability to raise capital to meet APRA’s changes to capital standards for insurers and to continue to deliver a high standard of service and technology to its customers.
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