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Exor Raises Offer for PartnerRe to $137.50 Per Share in Cash 2015-05-12 11:13:15.265 GMT
By Francesca Cinelli and Tommaso Ebhardt (Bloomberg) -- Revised offer values PartnerRe at $6.8b, Exor says in statement. * Exor says bid “irrevocable and binding” * Offer not subject to due diligence, not conditioned on financing * Exor calls on PartnerRe board to recommend its “clearly superior” all-cash offer * Highlights $137.50/shr represents a 10% premium to implied value of $125.17/shr under revised agreement between PartnerRe and Axis Capital Holdings based on Axis closing price May 5 * Exor now PartnerRe’s largest shrhlder with 9.32% stake * Reiterates PartnerRe board has conducted “flawed process to date” * Binding offer will expire on the earlier of 2 days after Axis transaction is terminated, or July 11, which is 2 days after PartnerRe’s expected EGM date * Exor filing today preliminary proxy materials with SEC in connection with PartnerRe’s upcoming EGM * Filing enables Exor to solicit PartnerRe shrhlders to vote “against demonstrably inferior Axis transaction” * Filing enables Exor to solicit PartnerRe shrhlders to vote “against demonstrably inferior Axis transaction”</li></ul> * Exor’s offer delivers “superior, certain value for PartnerRe’s shrhlders, provides more attractive outcome for co.’s employees and clients,” Exor’s Chairman and CEO John Elkann says in statement * NOTE from May 4: PartnerRe Rejects $6.4 Billion Exor Offer, Sticks With Axis
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To contact the reporters on this story: Francesca Cinelli in Milan at +39-02-80644-252 or fcinelli@bloomberg.net; Tommaso Ebhardt in Milan at +39-02-8064-4231 or tebhardt@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-3525-2645 or jludden@bloomberg.net Chiara Remondini