Tower Group International, ACP Re Amend Merger Agreement - Quick Facts

(RTTNews) - Tower Group International, Ltd. (TWGP) and ACP Re, Ltd., Thursday announced that they have entered into an amendment to the merger agreement entered into by them on January 3, 2014.

The amendment, among other things, reduces per share consideration to be received by holders of Tower's common shares in the merger to $2.50 per share from $3.00 per share.

The amendment also reduces the termination fee that Tower would, under certain circumstances, be required to pay to ACP Re in the event of a termination of the merger agreement.

The date by which Tower must hold its shareholders meeting to vote on the merger and the deadline for completing the merger before either party can terminate the merger agreement is extended to November 15, 2014.