Tower Group International announced that 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.
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, National General Holdings Corporation and Maiden Holdings, Ltd.
Tower is a Bermuda-based global diversified insurance and reinsurance holding company. Through its insurance and reinsurance subsidiaries in the US and Bermuda, it delivers a broad range of commercial, personal and specialty insurance products and services in the US. and specialty reinsurance products globally through its distribution and underwriting partners.