SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the board of directors of Tower Group International, Ltd. (Nasdaq:TWGP) breached their fiduciary duties in connection with the proposed merger with ACP Re Ltd.
On January 6, 2014, ACP Re Ltd. announced that they had entered into a definitive merger agreement to acquire Tower Group. Pursuant to the terms of the merger agreement each outstanding share of Tower’s common stock will receive $3.00 in cash, with a total value of approximately $172.1 million.
The investigation concerns whether Tower Group’s board members failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock. The $3.00 per share acquisition price is well below where the stock has been trading historically. From July 2008 through June 2013 the stock had traded in a range between $16.98 and $31.05.
If you are Tower Group shareholder and would like additional information concerning your legal rights, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California and New York. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.