Exor forces rethink on planned merger

Bermuda-based PartnerRe has confirmed it will engage in negotiations with Exor following the Italian investment company’s updated offer which includes a special dividend of $3 per share.

The PartnerRe board said it has determined that the latest Exor proposal would be reasonably likely to result in a “superior proposal”.

This means PartnerRe will seek to engage in negotiations with Exor and offer the investment company the “opportunity to conduct due diligence, to determine whether the current offer can be improved both in its price and terms with respect to items previously identified”.

However, the board added that it continues to believe the amalgamation with Axis is superior “in value, terms and certainty of closing”.

“Following its review of Exor’s revised proposal, PartnerRe’s board of directors reaffirms its recommendation that shareholders vote ‘for’ the agreed amalgamation with Axis.