InsuranceInsider starts "RUMOR " that TWGP has hire JPM to sell the company.
Tower Group (Nasdaq: TWGP) shares moved off of a multi-year low at $7.99 per share to intraday highs following market speculation that the insurance company might have tapped JPMorgan to advise on a sale.
The report comes from InsuranceInsider and no sources have been cited on the information. Given the precipitous drop in shares from over $20 to just about $8 following quarterly results and lack of public filings, investors and traders might have been looking for any positive information to jump on.
InsuranceInsider said that JPMorgan approached a number of “legacy and live markets” to gauge interest in the company.
Gains in the stock only take it to its highest levels since Tuesday, when it was above $9 per share.
Following the initial jump, some profit taking is going on and Tower Group is now up just 2.5 percent.
the more I read this more it looks like a bunch of bull sh.....t . TWGP is not for sale. Will try to get a hold of investor relations & see if they are able to share any light on this Rumor...