Dallas, Texas 05/15/2014 (FINANCIALSTRENDS) –Euroins Insurance Group announced that it has now submitted its letter to the Tower Group International, Ltd (NASDAQ:TWGP)’s board of directors proposing to buy all the latter’s outstanding common stock, & the outstanding options to buy such shares, in the recommended offer at the price / share of US$3.75.This Proposed Offer is also subject to the satisfactory completion of any due diligence and negotiation & the execution of the definitive written agreement. EIG also has substantial experience with managing acquisitions & is committed to working very quickly to complete the due diligence & execute the definitive agreement.
EIG intends & is also ready to recapitalize this company to the industry-norms & standards and to also be able to complete the agreement in weeks from the start of the due-diligence period. EIG has also requested that TWGP respond promptly to this offer. This Proposed Offer does not create any kind of binding obligation, & no such binding-obligation will also arise unless & until the mutually satisfactory definitive-agreement is executed as well as delivered by both the parties.EIG also believes that the combination of this Company & EIG would result in very substantial benefits to the shareholders and to the employees.
In separate news, the 2014, the Audit Committee of the Board of Directors of TWGP has dismissed PricewaterhouseCoopers LLP as their independent registered public-accounting firm. The latter’s reports on consolidated fiscal statements of the Company & for the years that ended 31 December 2013 & 2012 did not contain any kind of adverse opinion / disclaimer of opinion, neither were they qualified/ modified as to the uncertainty, the audit scope, or the accounting principles, except that reports of PwC on TWGP’s financial statements as of & for the years ended 31 December 2013 & 2012 contained the explanatory paragraph explanatory paragraph that noted that there had been substantial doubt as to TWGP’s ability to continue as a going concern.