Exor to solicit PartnerRe shareholders; files lawsuit
Today, Italian investment company Exor revealed it can now communicate directly with PartnerRe shareholders.
At the same time, the company said it has filed a lawsuit against the Bermuda-based reinsurer.
A proxy statement, which was filed with the US Securities and Exchange Commission (SEC), was filed with the intent of opposing the proposed merger transaction with Axis.
Exor said that it will begin mailing its proxy materials immediately to solicit PartnerRe’s shareholders to vote against, what it believes, is an inferior transaction with Axis.
The lawsuit, filed in the Supreme Court of Bermuda, seeks to obtain customary beneficial ownership information from PartnerRe.
“The lawsuit details that despite Exor’s reasonable and customary request, PartnerRe has thus far refused to share the shareholder lists, further evidencing the intention of PartnerRe’s board to protect an inferior transaction with Axis to the detriment of its shareholders, employees and clients,” said Exor.
PartnerRe’s shareholder meeting will take place on July 24, 2015. Exor has extended the outside date on which its binding offer is valid to July 26, 2015, ensuring its offer is available if shareholders vote down the proposed Axis transaction.
