EXOR Lawsuit: PartnerRe To ‘Vigorously Defend’

June 3, 2015

EXOR has filed a definitive proxy statement with the United States Securities and Exchange Commission [SEC] in opposition to the proposed merger of AXIS Capital Holdings Limited and PartnerRe, and has also filed a lawsuit in a Bermuda court.

In addition, on June 1, 2015 EXOR filed a lawsuit in the Supreme Court of Bermuda saying they are “seeking to obtain customary beneficial ownership information from PartnerRe in order to facilitate direct communication with PartnerRe shareholders so that they are fully and correctly informed of their options.

“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,” EXOR said.

“EXOR believes PartnerRe shareholders deserve the opportunity to evaluate the EXOR offer properly and is committed to ensuring shareholders can exercise their rights and make an informed decision, based on fact, with regards to the future of PartnerRe.

“To this end, in the attached FAQ document [PDF] for preferred shareholders, EXOR sets the record straight with regards to a number of the misleading statements made by the PartnerRe Board about the EXOR offer. EXOR intends to address these and other misleading statement made by PartnerRe in future communications and directly with PartnerRe shareholders.”

In response, PartnerRe Ltd. said: “EXOR’s claims are without merit. We have complied with our obligations regarding the disclosure of shareholder information under applicable Bermuda and U.S. laws. We intend to vigorously defend ourselves and are confident that their claim will be rejected.”

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Comments (2)

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  1. Navin Johnson says:

    boards never like to admit mistakes

  2. Ditto says:

    People leaving comments here never generalize.