AXIS: Our Offer For PartnerRe Is “Superior”

July 22, 2015

According to AXIS Capital Holdings Limited, its merger agreement with PartnerRe Ltd. “is superior to the EXOR offer both immediately and in the future.”

The company said, “We provide continuity of interest for investors to participate in the future upside resulting from the substantial strategic and financial benefits of the combined company, the exchange of PartnerRe common stock for combined company common stock in the amalgamation is tax free to PartnerRe shareholders, we offer deal closing certainty ahead of the upcoming renewal season, and the combined company will have a superior credit profile.”

AXIS Capital also highlighted that PartnerRe continues to support the amalgamation agreement between the two companies, saying that in a press release, the PartnerRe Board of Directors stated that it “continues to believe that the transformative amalgamation with AXIS Capital is superior in value, terms and certainty of closing to the current EXOR proposal.”

“The AXIS Capital Board of Directors continues to urge its holders of both common and preferred shares to promptly use their white proxy card to vote FOR the Amalgamation Agreement at the Shareholder Meeting on August 7, 2015.”

In January 2015, Bermuda-based PartnerRe announced they had signed a “definitive amalgamation agreement” with AXIS Capital Holdings, and in April 2015 EXOR made their own offer to acquire PartnerRe for $6.4 billion, and the parties have been exchanging words since then.

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