PartnerRe Is Reviewing Enhanced Rival Bid From EXOR

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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 existing merger agreement with AXIS Capital, PartnerRe’s board of directors, in consultation with its legal and financial advisers, will review the revised EXOR proposal in order to make a recommendation that is in the best interest of the company and its shareholders, the company said in a statement on Tuesday.

PartnerRe said it will have no further comment on EXOR’s proposal until the board has completed its review.

As previously announced on May 4, 2015, PartnerRe and AXIS Capital reaffirmed their commitment to the companies’ January 25, 2015 definitive amalgamation agreement, as amended, and announced that PartnerRe shareholders will receive a special one-time cash dividend of $11.50 per share in connection with and conditioned upon the closing of the merger.

Credit Suisse is acting as financial advisor and Davis Polk & Wardwell LLP and Appleby (Bermuda) Limited are acting as legal counsel to PartnerRe.

Source: PartnerRe