Bermuda-based reinsurer ACP Re has completed its acquisition of insurer Tower Group International.
As a result of the merger, each share of Tower common stock was converted into the right to receive $2.50 in cash, without interest. Tower’s common shares will no longer be publicly traded.
Earlier this month, a massive 98.5 percent of Tower Group’s shareholders approved the takeover.
ACP Re, Bermuda, Tower Group International, North America