Tower to merge with ACP Re

|About: Tower Group, Inc. (TWGP)|By:, SA News Editor

Each share of Tower Group (TWGP) will be converted into the right to receive $3 in cash (stock closed at $2.94 on Friday). The agreement has been approved by the boards, and Tower CEO Michael Lee - an owner of 4.2% of the stock - will vote his shares in support.

The controlling shareholder of ACP Re is a trust created by the founder of AmTrust Financial (AFSI), National General Holdings, and Maiden Holdings.