By David Winning
SYDNEY–New Zealand-listed Tower, which provides insurance for homes, contents and vehicles, said it is undertaking a strategic review of its ownership structure.
Tower, which has a market value of 223.9 million New Zealand dollars (US$138.8 million), said the review aims “to explore options to maximize value for all Tower shareholders and optimize its capital structure to provide a strong platform for market competitiveness.”
Tower said the review has the support of Bain Capital, which owns 20% of its shares, and expects it to take several months to complete. Tower named the local unit of Goldman Sachs as its financial adviser.
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