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Bermuda-based ACP Re Ltd. has acquired Tower Group International Ltd. for a cash payment of $2.50 per share, reports Nasdaq.
Rating agencies say the move will pay off Tower's shareholders and should pave the way for a better future for Tower, which was found to have a major reserve shortfall in June 2013. Rating agencies, which in recent months have downgraded their ratings and outlook on Tower, are now expected to positively revise their ratings.
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