Euroins Insurance Group. (“EIG”) announced today that it has submitted a
letter to the board of directors of, Tower Group International Ltd. (the
“Company”) 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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