30 June 2015 Insurance

Exor woos PartnerRe with enhanced offer

Italian investment company Exor has sweetened its offer for Bermuda-based PartnerRe by expanding its legally binding guarantee for the transaction.

The guarantee has been expanded to cover not only the payment obligations under the merger agreement, but the contractual commitments in the merger agreement.

“The expanded guarantee underpins Exor’s commitment to satisfying all of the contractual terms of the EXOR parties, including in relation to obtaining regulatory approvals,” said Exor.

“This enhancement underscores Exor’s previous commitment to provide even greater certainty of closing following its on-going, constructive conversations with PartnerRe’s shareholders.”

Exor added that its offer contains no execution risk, an issue PartnerRe’s board has made repeatedly in the past.

“Exor’s offer is binding, fully financed and requires no due diligence. Exor ranked #24 in the Fortune Global 500 in 2014, and has over a century of experience in investing in, undertaking and completing complex transactions,” said the investment company.

“Exor’s investment grade rating has been affirmed by Standard & Poor’s after the submission of its offer for PartnerRe. Unlike Axis, Exor does not have a walkaway right if material losses lead to a ratings downgrade of PartnerRe.”

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