Bermuda-based PartnerRe Ltd. has announced final settlement of the accelerated share repurchase announced by the Company in December 2004.
“Deutsche Bank AG London Branch has completed its purchase of 2 million shares of PartnerRe common stock,” said the announcement. “The accelerated share repurchase agreement allowed PartnerRe to purchase 2 million shares on December 30, 2004 from Deutsche Bank at a price per share of $62.42, with Deutsche Bank purchasing the shares in the open market at a volume weighted average price per share of $63.08. The completion of the repurchase transaction results in an adjustment to the price paid by PartnerRe to Deutsche Bank.”
The bulletin also noted that the “Company has approximately 2.1 million shares remaining under its current share repurchase authorization of 5 million common shares, which was approved by PartnerRe’s Board of Directors in May 2004.”
Topics Mergers & Acquisitions
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