Argo: ‘Exploration Of Strategic Alternatives’
Argo Group International Holdings, Ltd. announced that its board of directors has “initiated an exploration of strategic alternatives” saying that “as part of this process, the board will consider a wide range of options for the company including, among other things, a potential sale, merger or other strategic transaction.”
“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, 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.”
“The board also announced the postponement of Argo’s 2022 annual general meeting of shareholders [the “annual meeting”] until the second half of this year. The board believes it is in the best interests of all shareholders for the company to conduct a strategic review process prior to holding the annual meeting,” the company said.
“There can be no assurance that this process will result in the company pursuing a particular transaction or other strategic outcome. Argo has not set a timetable for completion of this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.
“Argo has retained Goldman Sachs & Co. LLC as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel to assist in the review process.”
