Tower, Specialty Underwriters' Alliance merger closer to completion

By Lisa Kerner

Charlotte, N.C., July 20 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Tower Group, Inc. and Specialty Underwriters' Alliance, Inc., according to a government report.

In June, Specialty Underwriters' Alliance announced it agreed to be acquired by Tower in a cash-and-stock deal valued at approximately $107 million.

Under the companies' definitive agreement, Specialty Underwriters' Alliance shareholders will receive 0.28 shares of Tower common stock valued at $6.72 for each share of Specialty Underwriters' Alliance common stock or class B common stock held.

Both companies' boards of directors have approved the transaction, which is expected to close by the end of the year.

Specialty Underwriters' Alliance is a Chicago commercial insurance provider.

Tower Group is a New York property and casualty insurance company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.