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Tower, Specialty Underwriters' Alliance merger closer to completion
By Lisa Kerner
Charlotte, N.C., July 20 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Tower Group, Inc. and Specialty Underwriters' Alliance, Inc., according to a government report.
In June, Specialty Underwriters' Alliance announced it agreed to be acquired by Tower in a cash-and-stock deal valued at approximately $107 million.
Under the companies' definitive agreement, Specialty Underwriters' Alliance shareholders will receive 0.28 shares of Tower common stock valued at $6.72 for each share of Specialty Underwriters' Alliance common stock or class B common stock held.
Both companies' boards of directors have approved the transaction, which is expected to close by the end of the year.
Specialty Underwriters' Alliance is a Chicago commercial insurance provider.
Tower Group is a New York property and casualty insurance company.
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