Mergers and Acquisitions News

PartnerRe Board Slammed by Activist Hedge Fund for Rejecting EXOR Bid

Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, said PartnerRe Ltd. directors hurt shareholders by pushing a merger with AXIS Capital Holdings Ltd. rather than talks with a hostile bidder. “We will not hesitate to exercise the rights …

PartnerRe Shareholders to Decide on AXIS Bid; Board Rejects EXOR Offer

PartnerRe Ltd. said in a statement on Friday that its suitor EXOR has rejected any negotiations to raise its $6.8 billion hostile offer. As a result, the Bermuda-based PartnerRe said it will ask shareholders to vote on the planned merger with …

EXOR Refuses to Sweeten $6.8 Billion Offer to Acquire PartnerRe

EXOR SpA, the investment vehicle of Italy’s Agnelli family, reiterated that it won’t sweeten a $6.8 billion offer to buy PartnerRe Ltd. as the reinsurer demands a higher price to abandon a merger deal with AXIS Capital Holdings Ltd. EXOR …

AXIS Says Termination Fee Would Soften Blow if PartnerRe Deal Collapses

AXIS Capital Holdings Ltd. Chief Executive Officer Albert Benchimol, who’s working to complete a merger with PartnerRe Ltd., said his company can withstand a collapse of the deal and that a termination fee would soften the blow. “We intend to …

Update: PartnerRe Says $6.8B EXOR Offer Unacceptable; Open to Negotiations

PartnerRe Ltd. said it would engage in discussions with hostile bidder EXOR SpA to seek a better offer than the $6.8 billion proposal that the target company called “unacceptable.” “While we believe that PartnerRe is worth materially more than EXOR …

IRS Scrutiny of Offshore Tax Avoidance Repels Bids for Bermuda Reinsurers

The IRS’s scrutiny of tax avoidance in offshore locations has discouraged bidders from taking over reinsurers, potentially reducing the companies’ value. Montpelier Re Holdings Ltd. and Platinum Underwriters Holdings Ltd., both based in Bermuda, have each said in recent regulatory …

A.M. Best: Middle Eastern Insurance Market Primed for M&As, Stakebuilding

Merger and acquisition (M&A) activity and stakebuilding is gaining momentum in the Middle East as financially strong and profitable insurers seek to deploy surplus capital to broaden their profiles and satisfy shareholders’ expectations, according to a briefing issued by A.M. …

Integro Acquires UK’s Kite Warren & Wilson, Marine Broker Specialist

Integro Ltd., an insurance brokerage and risk management firm based in New York City, has acquired London-based Kite Warren & Wilson Ltd., which specializes in marine hull & liability coverage and financial lines. Financial details of the transaction have not …

Italy’s Agnellis: Billionaire Family Behind PartnerRe Takeover Battle

The billionaire Agnellis will become more interested in hurricane damage and less dependent on sales of Alfa Romeo sports cars and CNH tractors if their $6.8 billion bid for reinsurer PartnerRe Ltd. is successful. PartnerRe, which assumes risks for natural …

PartnerRe Is Reviewing Enhanced Rival Bid From EXOR

Bermuda-based PartnerRe Ltd. has confirmed it has received a revised offer from EXOR SpA to acquire all of the outstanding common shares of the company for $137.50 per share in cash. Consistent with its fiduciary duties and subject to the …