Exor to solicit PartnerRe shareholders

Italian investment company Exor has been given the green light to communicate directly with PartnerRe’s shareholders.

The statement, which was filed with the US Securities and Exchange Commission (SEC), was filed with the intent of opposing the proposed merger transaction with Axis.

Exor said that it will begin mailing its proxy materials immediately to solicit PartnerRe’s shareholders to vote against, what it believes, is an inferior transaction with Axis.

In addition, Exor filed a lawsuit in the Supreme Court of Bermuda seeking to obtain customary beneficial ownership information from PartnerRe.

“The lawsuit details that despite Exor’s reasonable and customary request, PartnerRe has thus far refused to share the shareholder lists, further evidencing the intention of PartnerRe’s board to protect an inferior transaction with Axis to the detriment of its shareholders, employees and clients,” said Exor.

PartnerRe’s shareholder meeting will take place on July 24, 2015. Exor has extended the outside date on which its binding offer is valid to July 26, 2015, ensuring its offer is available if shareholders vote down the proposed Axis transaction.