No Competing Offers to EXOR Deal Received by PartnerRe

By | September 16, 2015

PartnerRe Ltd., the reinsurer that agreed to a takeover by Italy’s EXOR SpA in August, said the period to contact other potential bidders has ended with no other offers.

“None of the third parties contacted during this process provided a proposal or offer regarding an alternative acquisition proposal,” Bermuda-based PartnerRe said in a statement Tuesday.

EXOR, the Agnelli family’s investment company, agreed to pay about $6.9 billion, raising its offer from an unsolicited bid in April. The acquisition is the Turin-based firm’s largest, helping it diversify from industrial holdings such as Fiat Chrysler Automobiles NV.

PartnerRe scrapped a planned merger last month with a Bermuda-based rival, AXIS Capital Holdings Ltd., after the Agnelli’s firm raised its offer. The EXOR deal is expected to be completed in the first quarter of 2016, according to the companies.

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