AmTrust pulls out of Tower takeover talks
23 December 2013
Heavily-shorted New York-listed carrier AmTrust pulled out of takeover talks it was holding with beleaguered peer Tower Group after the former's share price crashed following the release of a critical report from Geo Investing, The Insurance Insider can reveal.
AmTrust's decision not to submit a bid comes after run-off heavyweights Enstar and Catalina, as well as a European private equity house, also opted not to pursue a takeover.
AmTrust's share price started to weaken on 11 December after Geo Investing...