The long nightmare that is Tower Group (NASDAQ:TWGP) now has an end in sight. Assuming that a sufficient number of Tower shareholders approve, and that the company doesn't go insolvent before the deal closes, Tower will be selling itself to ACP Re, a privately-held insurance company controlled by the founder of AmTrust Financial Services (NASDAQ:AFSI). As huge reserve charges had severely depleted the company's capital and led to downgrades that essentially excluded it from the market, I believe this is the best outcome that shareholders could reasonably ask for or expect.
Assuming that the deal goes through as announced, ACP Re will be acquiring Tower Group for $3 per share or $172 million...
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