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Monday, January 6, 2014

Private reinsurance company to purchase Tower Group for $172 mln, (NASDAQ: TWGP)

Tower Group International Ltd said it would be bought by ACP Re Ltd, a privately owned reinsurance company, for $172 million. Each outstanding share of Tower will be converted into the right to receive $3 in cash. Tower shares closed at $2.94 on Friday.

Shares of TWGP fell by 7.55% or $-0.24/share to $2.94. In the past year, the shares have traded as low as $2.41 and as high as $22.30. On average, 3240510 shares of TWGP exchange hands on a given day and today's volume is recorded at 4520992.



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