A New Suitor for Tower Group?

So my phone started ringing off the hook yesterday as Tower Group stock rose over $3.00 , to then fall back to earth Literally tested my eyesight after re-reading the numbers. Huh?ACP Re (Garfunkel Trust/Amtrust) offered $3 for Tower stock in December of 2013. Last week they amended that price to $2.50 a share. Based on the press release (below), it would appear that this transaction has been well vetted and that a close in mid-November was almost assured.http://uk.reuters.com/business/quotes/TWGP.OQ/key-developments/article/2985651**I wrote this last night and wanted to wait some time to make sure a retraction or additional story was not floated. It has not at this time that I can see, so it would appear this is real at noon on 5.14.14**Yesterday, a small Bulgarian insurer that is listed on the Sofia (NYSE equivalent) put in a non-binding bid for all of Tower Group International for $3.75 a share - a 1.5X multiple.http://www.bse-sofia.bg/http://uk.reuters.com/business/quotes/TWGP.OQ/key-developments/article/2989207Non-binding offer and they are going to perform diligence in an aggressive time frame. With cursory research, it would appear that this is a small company that has a niche in the personal automotive insurance and financial services sector (auto leasing/financing). It would appear the personal lines division of Tower would be the attraction based on current Euroins strategy.Who knows."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. ""Euroins said it has substantial experience in managing acquisitions and will work quickly to finalize an agreement. "Out of curiosity astonishment, I looked of Euroins and its parent Eurolns.http://eurohold.bg/2014-569.htmlEuroins would have to work with Best and other rating agencies to establish a formal US financial rating. At a C++, most of Tower business is not sustainable without a higher rating/more capital. Not my wheelhouse, but have watched many respected, public insurers wait months for this process to take place. Could have those discussions have already taken place? Perhaps, but the process for analien insurer..."An alien insurer is any insurer that is formed in a country foreign to where some or all of its business will be conducted."...would suggest that this will be a simple process by any means? NEWS at 11...This is a history/background of Euroins...Brief History"Euroins Insurance Plc is one of the first insurance companies in Bulgaria that received a licence for General insurance according to the new Insurance Code effective from 1998 – Licence for performing insurance activity N.8 dd. 15.06.1998, issued by the National Council on Insurance with the Council of Ministers of the Republic of Bulgaria."ok.