Private reinsurance company to buy Tower Group for $172 mln
Jan 6 (Reuters) - Tower Group International Ltd said it would be bought by ACP Re Ltd, a privately owned reinsurance company, for $172 million.
Each outstanding share of Tower will be converted into the right to receive $3 in cash. Tower shares closed at $2.94 on Friday.
The controlling shareholder of Bermuda-based ACP Re is a trust established by the founder of AmTrust Financial Services Inc, National General Holdings Corp and Maiden Holdings Ltd.