Exor refuses to negotiate on PartnerRe price

Italian investment company Exor has refused to increase its $137.50 per share offer for Bermuda-based PartnerRe but is willing to negotiate to improve closing certainty for shareholders.

On May 20, 2015, PartnerRe’s board of directors announced that it has agreed to engage in discussions with Exor to determine whether its offer can be improved, after securing a waiver from Axis Capital, the other bidder.

In a letter to the PartnerRe board, Exor said it was prepared to commence discussions “once the board of PartnerRe declares that Exor’s binding offer is reasonably likely to be a ‘superior proposal’.”

Exor reiterated that its offer was of superior value, despite what the PartnerRe board has said.

“The transaction committee, which yesterday suggested our $137.50 per share all-cash binding offer was inadequate, has twice previously approved and recommended to the PartnerRe board transactions with Axis at considerably lower valuations,” said Exor.