Tower Group to gobble up CastlePoint Holdings, shares soar
Bermuda-based provider of property and casualty insurance CastlePoint Holdings, Ltd. (Nasdaq:CPHL) said this morning that it will be acquired by property and casualty insurance products company Tower Group, Inc. (Nasdaq:TWGP) for approximately $490 million, or $12.68 per share.
Shares spiked 27%, or $2.37, to $11.25 in pre-market trading. For detailed price information and recent news stories about CastlePoint Holdings, click CPHL.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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