Takeover target Fidelity Life has appointed Grant Samuel to assess the merits of Tower's hostile bid.
Tower is offering $82 a share, made up of $55 cash, and $27 worth of Tower shares.
It needs the support from 90% of Fidelity's shareholders to succeed.
Two of Fidelity's largest shareholders have already rejected the bid, which has yet to be formalised.
Fidelity says it will send a copy of the report to shareholders if a formal takeover offer is made by Tower.