PartnerRe 'recognises' superiority of Exor offer

Italian investment company Exor has stated that it believes PartnerRe has recognised the superiority of its offer.

This follows the announcement by PartnerRe and Axis Capital that they will consider amending the terms of their merger agreement to sweeten the deal.

Exor believes that the move is recognition by PartnerRe that Exor’s offer is superior because it is “questioning the terms of its own amalgamation agreement with Axis Capital”.

This prompted the companies to push back the shareholder vote by two weeks to August 7, 2015.

Exor criticised the move as an attempt to “rescue an inferior transaction that is the result of a flawed process”.