PartnerRe Responds to EXOR Rejection of Good Faith Invitation to Engage in Constructive Discussions
PartnerRe issued the following statement in response to a letter from EXOR (EXO IM) regarding its offer to acquire all of the outstanding common shares of the Company for $137.50 per share in cash:
By demanding that we declare their offer reasonably likely to be a superior proposal as a precondition to any negotiations, EXOR has effectively rejected our Boards good faith offer made yesterday to engage in discussions on price and other terms. We have made it very clear that EXORs price and terms are unacceptable.
The waiver we obtained from AXIS to engage with EXOR contained no restrictions whatsoever that would impede full and open discussions and we remain interested to proceed on that basis to determine whether the offer can be improved so that it is compelling to PartnerRe shareholders on price and terms.
EXORs portrayal in its letter of discussions between EXOR and PartnerRe is simply not credible. While it relates to an earlier proposal, and is not relevant to the latest offer, we point out one last time that we consider inaccurate EXORs statement that they did not portray their prior proposal as best and final.