By midafternoon, shares had climbed 5.8% to $2.38.
In a statement, Euroins said it had submitted a letter to Tower's board proposing to acquire all outstanding common stock. The proposed offer is subject to completion of due diligence and negotiation and execution of a definitive written agreement.
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Euroins said it has substantial experience in managing acquisitions and will work quickly to finalize an agreement.
The company said it "intends and is ready to recapitalize the company to the industry norms and standards and to be able to complete such an agreement within weeks from the beginning of the due diligence period."TWGP data by YCharts