Tower to use Grant Samuel as adviser

Tower has appointed corporate adviser Grant Samuel as its independent adviser on a partial takeover offer from GPG. GPG wants to raise its stake from 19.7 per cent to 35 per cent, offering $2.30 a share.

Tower's shares closed at $2.11, down 4 cents yesterday. They have traded between $1.70 and $2.64 in the past year.

Tower's board has urged shareholders to wait until they receive a target company statement, independent adviser's report and a board recommendation on whether to accept the offer.