Tower Group, Inc. (TWGP) announced Friday that it now expects the consummation of its merger with Canopius Holdings Bermuda Limited to occur in the first quarter of 2013.
Tower said that its preliminary proxy materials continue to be under review by the Securities and Exchange Commission and, accordingly, the approval of the merger by Tower stockholders will not occur in 2012.
In addition to the approval of Tower's stockholders, the merger remains subject to obtaining the regulatory approval of governmental and market authorities.
On April 25, 2012, Tower had agreed to invest approximately $75 million to acquire a 10.7% stake in Canopius Group Limited subject to the closing of Canopius Group's acquisition of Omega Insurance Holdings Limited.
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