NEW YORK (TheStreet) -- Tower Group International (TWGP) stock is surging Thursday after the company and ACP Re entered into an amendment to the merger agreement originally announced January this year.
By late morning, shares had soared 31.2% to $2.23.
The Bermuda-based insurance companies said they had reduced the per-share consideration for Tower common shares to $2.50 a share from $3 and reduced the termination fee that Tower be have to pay if the merger agreement was terminated.
Must Read: Why Tree.com (TREE) Stock Is Higher Today
The companies also extended the date by which Tower must hold its shareholder meeting to vote on the merger to November 15.TWGP data by YCharts