PartnerRe refocuses on Axis offer after Exor bid stalls
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PartnerRe Ltd. on Friday said it would seek shareholder approval for its merger with Axis Capital Holdings Ltd. after its overture to enter discussions with Exor S.p.A. were rebuffed by the Italian investment firm.
Pembroke, Bermuda-based PartnerRe had said Wednesday that it would begin discussions with Exor about the company's enhanced bid of $137.50/share made on May 12.
It now seems those discussions may not occur.
“By demanding that we declare their offer 'reasonably likely to be a superior proposal' as a precondition to any negotiations, Exor has effectively rejected our board's good-faith offer made yesterday to engage in discussions on price and other terms,” PartnerRe said in its statement.
The back-and-forth statements are the latest salvos in the battle for control of PartnerRe, which had entered into an agreement with Axis to merge and form the world's purported fifth-largest reinsurer, all prior to Exor's entrance into the fray.
PartnerRe also reiterated that it remains committed to its plans with Pembroke-based Axis, which improved its offer after Exor entered its original bid.
“PartnerRe will now proceed to shareholder approval of the transaction with Axis Capital. The board has not changed its recommendation with respect to, and continues to support, the pending merger with Axis Capital,” PartnerRe said in the statement.
