Tower Group Agrees To $172M Merger Deal With ACP Re Unit

Law360, New York (January 6, 2014, 4:39 PM EST) -- Insurance company Tower Group International Ltd. said Monday that it is merging with a subsidiary of Bermuda-based reinsurance company ACP Re Ltd. in a $172.1 million deal.

Tower Group, which is also based in Bermuda and controls a number of insurance subsidiaries throughout the United States, entered into the agreement on Friday, according to a statement released by the company.

Privately owned ACP Re will pay $3 for each outstanding Tower share, resulting in an aggregate value of $172.1 million. Tower Group will be the surviving...
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