Tower Group Shareholders Sue To Block $172M Merger

Law360, New York (January 15, 2014, 3:20 PM EST) -- Tower Group International on Tuesday was hit with a proposed class action seeking to block a $172.1 million merger with fellow insurer ACP Re Ltd. over allegations that the deal benefits Tower's officers and directors but leaves shareholders with the short end of the stick.

Derek Wilson's complaint, filed in New York federal court, claimed that the deal to sell Tower to reinsurance company ACP Re Ltd. provides too little compensation to stockholders and that the company's officers and directors breached their fiduciary duties by ensuring...
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