ACP Re Completes Tower Group Acquisition
Tower Group International, Ltd. announced today that ACP Re, Ltd. 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.
The merger was approved by Tower’s stockholders at a special meeting of the stockholders held on August 6, 2014.
ACP Re is a Bermuda-based reinsurance company, while Tower is a Bermuda-based global diversified insurance and reinsurance holding company.