PartnerRe’s ‘go-shop’ period expires

Bermuda-based PartnerRe’s ‘go-shop’ period has expired and the board has reaffirmed its recommendation that shareholders vote for Exor’s acquisition.

The ‘go-shop’ period allowed the the reinsurer to solicit alternative acquisition proposals from the one offered by Italian investment company Exor.

During the period an extensive outreach was conducted by Credit Suisse and Lazard, acting as PartnerRe’s co-financial advisors.

“None of the third parties contacted during this process provided a proposal or offer regarding an alternative acquisition proposal,” said PartnerRe.

PartnerRe’s board reaffirmed its recommendation that shareholders of PartnerRe vote to adopt the merger agreement, the statutory merger agreement and all related transactions.