Bermuda-based Axis and PartnerRe have pledged to return $750 million to company shareholders following the proposed merger.
An investor presentation, which was filed with the Securities and Exchange Commissions (SEC), outlined the amount. This is in addition to the $560 million dividend offered to PartnerRe’s investors.
By the end of 2017, the combined company expects to return as much as $2.2 billion to shareholders through buybacks and dividends, equivalent to 100 percent of operating earnings.
In addition, the joint registration statement filed on Form S-4 was declared effective by the SEC.
The companies have been given the green light to schedule special shareholder meetings in connection with the proposed merger. Both meetings will be on July 24, 2015.
Axis, PartnerRe, Mergers & Acquisitions, Bermuda