Argo puts itself up for sale
Bermuda-based global re/insurer Argo Group has retained Goldman Sachs as its financial advisor as the company’s board of directors have initiated an exploration of strategic alternatives that could include a potential sale, merger or other strategic transaction.
Argo’s board is considering a wide range of options for the company to “maximize shareholder value”.
The board has also postponed Argo’s 2022 annual general meeting of shareholders until the second half of this year, as they believe it is in the best interests of all shareholders to conduct a “strategic review” process prior to holding the annual meeting.
“Over the last year, Argo’s board of directors and executive leadership team have taken decisive actions to strengthen the company by pursuing profitable growth, reducing volatility and employing disciplined expense management,” said Thomas Bradley (pictured), chairman of the board of directors.
“The board believes now is an opportune time to explore a range of potential strategic alternatives to maximize shareholder value.”
Argo noted that there can be no assurance that this process will result in the company pursuing a particular transaction or other strategic outcome. The company has not set a timetable for completion of this process.
Goldman Sachs & Co. will serve as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel to assist in the review process.
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