ACP Re, Ltd. Completes Acquisition of Tower Group International, Ltd.
September 15 2014 - 9:19AM
Business Wire
Tower Group International, Ltd. (NASDAQ:TWGP) (“Tower”)
announced today that ACP Re, Ltd. (“ACP Re”) has completed the
previously-announced acquisition of Tower.
As a result of the merger, each share of Tower common stock
(other than shares owned by ACP Re, Tower or any subsidiary of
either ACP Re or Tower and dissenting shares as to which appraisal
rights were properly exercised) was converted into the right to
receive $2.50 in cash, without interest, and Tower’s common shares
will no longer be publicly traded.
As previously announced, the merger was approved by Tower’s
stockholders at a special meeting of the stockholders held on
August 6, 2014.
About ACP Re
ACP Re is a Bermuda-based reinsurance company. The controlling
shareholder of ACP Re is a trust established by the founder of
AmTrust Financial Services, Inc., National General Holdings
Corporation and Maiden Holdings, Ltd.
About Tower
Tower is a Bermuda-based global diversified insurance and
reinsurance holding company. Through its insurance and reinsurance
subsidiaries in the U.S. and Bermuda, it delivers a broad range of
commercial, personal and specialty insurance products and services
in the U.S. and specialty reinsurance products globally through its
distribution and underwriting partners.
Tower Group International, Ltd.William E. Hitselberger,
212-655-2110Executive Vice President and Chief Financial
Officerbhitselberger@twrgrp.com
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