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.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk