British insurer Tawa Plc (LON:TAW) announced on Monday it will carry out a formal sale process in order to find potential buyers for the company.
Tawa stressed it could not be certain whether an actual offer will be made and also noted that the interested parties which would participate in this process will not necessarily be publicly identified. The company is now in an offer period and will provide further details as and when appropriate, it said.
The sale process is being executed alongside Tawa’s business review which was unveiled in June. Through it, the company will seek to compare the potential immediate value to its shareholders resulting from a bid for the entire business with the stockholder value creation via other strategic options available.
At present, Tawa has nearly 113.4m ordinary shares of GBP0.10 (USD0.16/EUR0.13) each in issue and admitted to trading on AIM. The London-based firm was set up in 2001 with the goal to purchase or develop assets in business in the insurance sector.
In April this year, Tawa closed the takeover of Hamburger Internationale Ruckversicherung AG, the holding company for the Chiltington Group of firms. As part of that transaction it provided three million new ordinary shares of GBP0.10 each.