PartnerRe “Go-Shop” Period Has Expired
Bermuda-based PartnerRe Ltd. announced that the “go-shop” period provided for in the previously announced merger agreement entered into on August 2, 2015 between PartnerRe and EXOR S.p.A., has expired.
Under the merger agreement, PartnerRe had the right to solicit alternative acquisition proposals from third parties during a “go shop” period that expired at 11.59 p.m. Eastern on September 14, 2015.
“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,” the company said.
“The PartnerRe Board of Directors reaffirms its recommendation that shareholders of PartnerRe vote to adopt the merger agreement, the statutory merger agreement and all related transactions.
“As previously announced, the acquisition of PartnerRe Ltd. by EXOR is expected to close during the first quarter of 2016, subject to the approval of PartnerRe shareholders, as well as the satisfaction of certain customary closing conditions, including antitrust and insurance regulatory approvals.
“To date, early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has been received, and the process for antitrust approvals in various additional jurisdictions is ongoing, and expected to be completed prior to year-end 2015. In addition, the process to receive various insurance regulatory approvals is also ongoing and expected to be completed in the first quarter of 2016.
“The Company has filed a Preliminary Proxy Statement with the Securities and Exchange Commission. The Definitive Proxy Statement, when available, will include the date of the Special General Meeting for shareholders, which the Company expects will take place in late 2015.
