Exor ups PartnerRe ante again in merger tug of war

Exor S.p.A., the Italian investment firm, has again raised its offer for reinsurer PartnerRe Ltd. in an attempt to prevail over Axis Capital Holdings Ltd. in the companies' three-way takeover battle.

Turin, Italy-based Exor's proposed $3-per-share special dividend brings it's offer to $140.50.share, this despite Exor Chairman John Elkann saying the previous $137.50/share offer was the firm's “last and best” at an investor roadshow in New York two weeks ago.

Just last week, Axis and PartnerRe enhanced the terms for their proposed merger in an attempt to win the three-way battle.

Axis and Partner, both based in Pembroke, Bermuda, first proposed their merger in January, but Exor entered the fray in April with an all-cash bid, and the two sides have been exchanging rhetoric and counteroffers ever since.

“This additional $3.00 per share of real incremental value to PartnerRe common shareholders further widens the gap in value with the Axis transaction,” Exor said in its statement. “Through its actions, PartnerRe's Board has effectively acknowledged the superiority of the Exor binding offer by seeking enhanced terms with Axis.”