24 June 2015 Insurance

Exor hits back at PartnerRe’s accusations

Italian investment company Exor has again hit back at statements from the PartnerRe board while adding that it has received a positive response for its offer.

Bermuda-based PartnerRe recently released a shareholder presentation, condemning Exor’s “inferior offer” and criticising its “unacceptable risks”.

On June 23, 2015, Exor said it was “seeking to ensure maximum clarity”, with its statement making clear the “superiority” of its offer.

“In the face of the compelling facts presented by Exor, PartnerRe has disseminated false statements, misrepresented the impact of Exor’s transaction and continues its irresponsible campaign of intentionally and inappropriately misleading its shareholders,” said Exor.

Exor is entering the second week of meetings with PartnerRe analysts and investors. So far, it said, there had been a positive response for its offer and for the presentation of the merits, certainty and superiority of its $137.50 per share, all-cash binding offer.

The investment company said: “The more the PartnerRe board misleads its shareholders on the merits of the Exor offer the clearer it is that the inferior Axis transaction is short on substance and long on execution and integration risks for its shareholders, employees and clients.”

PartnerRe has previously said that negative developments in the protracted period to closing could cause Exor parties to walk away, while Exor’s ability and desire to close may be significantly impaired by “financial pressures from substantial transaction leverage, its ability to raise cash, and its commitments to other investments”.

Exor bit back at this, explaining that it has backed its offer by investing more than $600 million in PartnerRe – the maximum allowable under PartnerRe’s corporate charter.

“As PartnerRe’s largest shareholder, Exor is therefore more incentivised than any other stakeholder to complete the transaction with PartnerRe this year,” it said.

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