Vote delay is PartnerRe’s attempt to ‘rescue inferior offer’: Exor

Italian investment company Exor has criticised PartnerRe’s latest move as an attempt to “rescue an inferior transaction that is the result of a flawed process”.

Earlier today, PartnerRe and Axis Capital revealed they are considering amending the terms of their merger agreement to sweeten the deal.

This prompted the companies to push back the shareholder vote by two weeks to August 7, 2015. The meetings were originally planned for July 24, 2015.

"Exor notes that PartnerRe has acknowledged the superiority of Exor’s binding offer by questioning the terms of its own amalgamation agreement with Axis Capital," said the investment company.