PartnerRe 'recognises' superiority of Exor offer
Bermuda-based PartnerRe and Axis Capital have delayed shareholder meetings by two weeks after revealing they are considering amending the terms of their merger agreement.
The move follows Exor’s announcement to sweeten its own offer for the reinsurer. Exor offered a “go shop” provision which would allow PartnerRe to solicit bids from third parties after signing with the Italian investment company and offered a 100 basis points (bps) increase in the dividend rate for preferred shareholders.
The companies have pushed back the shareholder vote by two weeks to August 7, 2015.
“PartnerRe and Axis Capital are committed to ensuring that common and preferred shareholders benefit materially from the combination of the two companies. The companies will communicate enhancements to their amalgamation agreement in the near-term,” said the companies.
PartnerRe, Axis Capital, Exor, Mergers & Acquisitions, Bermuda, Europe