Bermuda-based PartnerRe Ltd. announced the repurchase of 2 million shares of its common stock in an accelerated share repurchase agreement.
The bulletin, released Friday, Dec. 23, said the shares would “be purchased by PartnerRe from Deutsche Bank AG London Branch (Deutsche Bank), or one of its affiliates, on December 30, 2004, at a price equal to the closing price of PartnerRe common stock on December 29, 2004, subject to adjustment upon final settlement of the repurchase transaction. Under the accelerated share repurchase agreement, Deutsche Bank expects to purchase 2 million shares of PartnerRe common stock in the open market over the next 12 months, although this period can be extended under certain circumstances.”
PartnerRe’s Board of Directors authorized the repurchase of up to 5 million common shares in May 2004. Following the accelerated share repurchase transaction, the Company will have approximately 2.1 million shares remaining under its current repurchase authorization.
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