FIRB approves Dai-ichi Life deal

TOWER Australia Group Limited (TOWER Australia) has announced that the Dai-ichi Life deal is on.

TOWER’s spokesperson states, “The Dai-ichi Life Insurance Company, Limited (Dai-ichi Life) has received a letter from the Foreign Investment Review Board (FIRB) stating that FIRB has no objections to Dai-ichi Life’s proposed acquisition of the remaining shares in TOWER Australia that it does not already own, by way of a scheme of arrangement (Scheme).”

“This condition to the implementation of the Scheme, which was set out in the Implementation Deed dated 28 December 2010, has now been satisfied. Dai-ichi Life and TOWER Australia are working towards the satisfaction of the remaining conditions precedent to the implementation of the Scheme.”

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