Tower to merge with ACP Re


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.

Comments (5)
  • WPSPIKER
    , contributor
    Comments (1149) | Send Message
     
    WTF???
    The stock is severely under valued here and 3 bucks a share is NOT something anyone should vote for..

     

    $3.00 share AND a share of the trust OK but NOT just the cash.

     

    M
    6 Jan 2014, 08:51 AM Reply Like
  • thestockbroker
    , contributor
    Comments (608) | Send Message
     
    buy the DEBT, CUSIP 891777 AC 8

     

    30 bonds are offered at 98.25 subject
    17 bonds at 99.00 after that y'day they were priced at ~88, I already own too many that I bought around 87-90 3-4 months ago
    6 Jan 2014, 03:51 PM Reply Like
  • WPSPIKER
    , contributor
    Comments (1149) | Send Message
     
    Wish I knew more about the bonds, would be buying more of them but just dont know em. Like your
    "buy the DEBT, CUSIP 891777 AC 8"
    not sure what that means (I can guess it is a bond number offered by the company) but how does that work back against the ticker? If I look at the company I dont know how to find a bond it is offering...

     

    Some exp would be great!

     

    Thank you for any help.

     

    M
    6 Jan 2014, 07:01 PM Reply Like
  • thestockbroker
    , contributor
    Comments (608) | Send Message
     
    The CUSIP is for a bond like a ticker for a stock, no 2 are alike, (9 digits) to find a bond go to www,finra.com click "Investors" then "bonds" and the co name or for a specific bond it's CUSIP, that will give u all the specifics of that bond. Then just call you brokerage firm and give them the CUSIP ask for a quote (they will have to make a call) and buy if you want. Have broker explain the Current Yield and the Yield to maturity, and good luck
    6 Jan 2014, 11:28 PM Reply Like
  • WPSPIKER
    , contributor
    Comments (1149) | Send Message
     
    Thanks TSB
    7 Jan 2014, 08:41 AM Reply Like
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