Dai-ichi Life has received Foreign Investment Review Board approval for its takeover of Tower Australia.

The approval was one of the hurdles to be met before approval could be sought from Tower shareholders on April 18.

But the deal still needs regulatory approval and Tower says it is working to secure this before the shareholder meeting.

If approved by shareholders, the takeover will be completed by May 11 subject to final court approval.

Dai-ichi is offering shareholders $4 a share for the outstanding 71% of Tower it doesn’t own. This values Tower at $1.76 billion.