Tower Group (TWGP) Shareholders Approve Acquisition of CastlePoint (CPHL)
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Tower Group, Inc. (NASDAQ: TWGP) announced that its stockholders authorized during a special meeting the issuance of shares of Tower common stock to shareholders of CastlePoint Holdings, Ltd. (NASDAQ: CPHL) in connection with the merger of CastlePoint into a wholly-owned subsidiary of Tower.
Tower stockholders cast 19,640,144 votes in favor of the issuance of shares of Tower common stock to CastlePoint shareholders which represents 99.6% of the votes cast and 84.1% of the shares outstanding. The proposed merger was announced August 5, 2008.
Tower Group, Inc. offers property and casualty insurance products and services through its operating subsidiaries. [SM]
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