Key Points:

Guinness Peat Group says it is highly confident its partial offer for Tower will be successful and the offer will not be extended beyond the current closing date of June 19.

GPG said today that it had received advice from certain Tower shareholders that they intended to accept the partial offer for in aggregate of 10.5 per cent of Tower's shares.

If such acceptances were received, then, when aggregated with acceptances already received, that would result in acceptances for about 11 per cent of Tower's shares, the company said.

It expected acceptances during the balance of the offer period would result in it receiving acceptances for all of the 15.3 per cent sought under the offer.

GPG, which is already a 19.7 per cent shareholder in Tower, announced its $67.5 million offer at $2.30 a share in early May, aiming to take its shareholding to 35 per cent.

Tower shares closed at $2.19 yesterday, having ranged between $2.64 and $1.70 in the past year.

- NZPA