Following its full year net loss, Tower recently announced it is undergoing a strategic review of its ownership structure, ensuring business continuity throughout the process.
RNZ reported that in a market statement, Tower said that this review is backed by its main shareholder, Bain Capital, which holds a 20% stake in the company.
Tower chair Michael Stiassny stated that this review is part of their commitment to maximizing long-term shareholder value.
“This strategic review will enable us to explore options that align with our objectives and position us for continued success in the marketplace,” Stiassny said.
Goldman Sachs New Zealand is providing financial advisory services for this review, focusing on Tower's capital structure and competitive positioning in the industry.
Tower has stated that it will refrain from public comments on the review process until its completion, which is anticipated to span several months. The company also said that no decisions regarding potential transactions or outcomes will be made until the review is fully concluded.
This market statement from Tower comes following the Kiwi insurer’s updates on the firm’s risk-based pricing initiative, customer experience innovations, operations streamlining, sustainability efforts, and more.
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