Tower Group soars after new buyout proposal aired

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

Euroins Insurance Group has made a $3.75/share offer for Tower Group (TWGP +13.8%), subject to due diligence and "negotiation and execution of a definitive written agreement." The offer price soundly exceeds the ACP Re's (AFSI +0.1%) revised $2.50/share bid.

Tower shares are currently at $2.55, after having momentarily spiked as high as $3.01.