UPDATE: Euroins Insurance Group Announces Bid for Tower Group Int'l at $3.75/Share
Euroins Insurance Group. (“EIG”) announced today that it has submitted a letter to the board of directors of, Tower Group International Ltd. (the “Company”) (NASDAQ: TWGP) proposing to acquire all of the Company's outstanding common stock, and outstanding options to acquire such shares, in a recommended offer at a price per share of US$3.75 (the “Proposed Offer”).
The Proposed Offer is subject to satisfactory completion of due diligence and negotiation and execution of a definitive written agreement. EIG has substantial experience in managing acquisitions and is committed to working quickly to complete due diligence and execute a definitive agreement. EIG intends and is ready to recapitalize the company to the industry norms and standards and to be able to complete such an agreement within weeks from the beginning of the due diligence period. EIG has requested that the Company respond promptly to the Proposed Offer.
The Proposed Offer does not create any binding obligation, and no such binding obligation will arise unless and until a mutually satisfactory definitive agreement has been executed and delivered by the parties.
EIG believes that a combination of the Company and EIG would result in substantial benefits to both our shareholders and to the Company's employees.
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