Tower Australia Group Ltd (ASX:TAL) says its independent directors have recommended Japan's Dai-ichi Life Insurance takeover offer valued at $1.76 billion.
In a statement to the Australian Securities Exchange Ltd (ASX:ASX), Tower says its independent directors unanimously recommended the deal after an independent expert's report found the offer fair and reasonable.
Tower says a shareholders' meeting to vote on the offer is likely to be held in the second quarter of 2011.
The deal is also subject to Australian and Japanese regulatory approvals.
For the year ended 30 September 2010, Tower Australia reported a net profit of $87.4 million.
TAL Price at posting:
$2.73 Sentiment: None Disclosure: Held
