Exor to take merger case to PartnerRe shareholders

Exor S.p.A., the Italian investment firm that injected itself into the battle for control of PartnerRe Ltd., on Wednesday said it will take its case to PartnerRe shareholders according to documents filed with the U.S. Securities and Exchange Commission.

The company, now Pembroke, Bermuda-based PartnerRe's largest shareholder, also sued in the Supreme Court of Bermuda to obtain stockholder information to facilitate communications, the statement said.

PartnerRe said it will fight Exor's suit.

“Exor's claims are without merit. We have complied with our obligations regarding the disclosure of shareholder information under applicable Bermuda and U.S. laws. We intend to vigorously defend ourselves and are confident that their claim will be rejected,” PartnerRe said in a statement.

Exor interrupted a plan by Axis Capital Holdings Ltd., also based in Pembroke, to merge with PartnerRe to form the world's purportedly fifth-largest reinsurer.

Exor initially bid $130 per share in cash and last raised its bid to $137.50 after Axis sweetened its offer with a one-time special dividend.

Axis and PartnerRe, however, appear to be moving forward with their plans after Exor and PartnerRe could not agree on negotiating terms.

“Exor believes PartnerRe shareholders deserve the opportunity to evaluate the Exor offer properly and is committed to ensuring shareholders can exercise their rights and make an informed decision, based on fact, with regards to the future of PartnerRe,” Exor said in its statement.