Dai-ichi seeks to take over Australia’s Tower Group

TOKYO (BestGrowthStock) – Japan’s Dai-ichi Life Insurance Co (8750.T: ) said it plans to buy all shares it does not already own in mid-sized life insurer Tower Australia Group Ltd (TAL.AX: ) for 99.6 billion yen ($1.2 billion).

Dai-ichi Life said it would pay A$4.00 per share for Tower Australia.

The planned buyout would be the first major acquisition by Dai-ichi Life, Japan’s second-largest life insurer, since it listed its shares on the Tokyo Stock Exchange in April after an $11 billion initial public offering.

Dai-ichi Life is already the largest shareholder in Tower Australia after buying a 29.7 percent stake in 2008.

($1=82.78 Yen; $1=.9960 Australian Dollar)

(Reporting by Junko Fujita; Editing by Michael Watson)

Dai-ichi seeks to take over Australia’s Tower Group