Holders of 36.4 per cent of Tower shares have accepted Guinness Peat Group's partial bid for the company, under an offer which closed yesterday.
GPG, which was already a 19.7 per cent shareholder in Tower, announced an offer for 15.3 per cent at $2.30 a share in earlyMay, aiming to take its shareholding to 35 per cent.
Announcing the final figures today, Tower said that as the number of acceptances exceeded the minimum needed under the offer, acceptances would be subject to a pro-rata scaling back.
Long a suitor of Tower, GPG had said it was confident the $67.5 million offer would succeed, despite some analysts calling the price too low.
Shareholders also had to vote on whether to approve GPG's offer to increase its stake to 35 per cent.
Holders of 76.4 million shares had voted, of which 93.5 per cent were in favour. A simple majority of shares voted was needed.
Tower shares were unchanged at $2.17 shortly after the market opened today, while GPG shares were up 3c to $2.03
