Fidelity Life says it will soon appoint an independent valuer to assess its worth, after an informal bid by Tower was rejected by the company's two largest shareholders.
Tower is yet to file a formal offer, but Fidelity's shareholders who have a combined stake of 70%, have already rejected the bid of $82 per share, saying it's too low.
Chairman Tony Gibbs says the company has asked Fidelity for more information so it can assess the true value of the company.
But he says there's been no response from Fidelity so far.
Fidelity says it will send the valuation report to shareholders along with its recommendation on whether shareholders should accept Tower's offer.