Tower Australia has sent out its scheme booklet to shareholders for the takeover by Dai-ichi Life.

A date for the meeting of shareholders to approve the takeover has now been set for April 18 and subject to the deal being approved, completion of the deal is scheduled for May 11.

The booklet includes an expert’s report by Lonergan Edwards and Associates which has deemed the deal is “fair and reasonable and in the best interests of Tower Australia shareholders in the absence of a superior proposal”.

The independent directors of Tower have also come out in support of the deal.

“They independent directors… unanimously recommend that [shareholders] vote in favour of the scheme in the absence of a superior competing proposal,” Tower Chairman Rob Thomas said in a letter to shareholders.

Dai-ichi is offering $4 a share, which is a 46.5% premium of the closing price of $2.73 recorded on December 24.

“The independent directors believe the offer is highly attractive and provides an opportunity for Tower shareholders to realise cash value in the near term which may not be achievable for the consideration period if the scheme does not proceed,” Mr Thomas said.

If the takeover receives both shareholder and regulatory approval, Dai-ichi has said the current Tower management will remain in place. The present directors will also remain, but Dai-ichi may want a seat on the Tower board.