Hashtag: #AXISPartnerReMerger
AXIS Deal Cancelled, EXOR To Buy PartnerRe
Bermuda-based AXIS Capital Holdings Limited today [Aug 3] announced that it has accepted a request from PartnerRe Ltd. to terminate the amalgamation agreement with AXIS Capital, as PartnerRe Ltd. has reached a definitive agreement with EXOR buy PartnerRe for $6.9 billion. PartnerRe will pay AXIS Capital a $315 million fee to immediately terminate... Read more of this article
PartnerRe & AXIS Reaffirm Merger Commitment
Bermuda-based AXIS Capital Holdings Limited and PartnerRe Ltd. said they reaffirmed their “commitment to a superior proposal to the terms contemplated by EXOR’s proposed exchange offer for PartnerRe preferred shares, as revised on July 20, 2015, provided that the Companies receive a private letter ruling from the IRS that the change in terms... Read more of this article
AXIS: Our Offer For PartnerRe Is “Superior”
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... Read more of this article
PartnerRe On Revised Proposal From EXOR
PartnerRe Ltd. confirmed that it has received a revised acquisition proposal from EXOR S.p.A, offering a $3.00 per common share special dividend. The company said, “In response to EXOR’s revised offer, its sixth revised proposal, the PartnerRe Board has determined that the latest EXOR proposal would reasonably be likely to result in a “Superior... Read more of this article
“Enhanced” Merger Terms For PartnerRe & AXIS
AXIS Capital Holdings Limited and PartnerRe Ltd announced enhanced merger terms that increase to $17.50 per common share the one-time, special cash dividend payable to each holder of record of PartnerRe common shares immediately prior to the closing of the amalgamation between PartnerRe and AXIS Capital. A statement from the two Bermuda-based re/insurers... Read more of this article
AXIS & PartnerRe “Exploring Enhancements”
PartnerRe Ltd. and AXIS Capital Holdings Limited said they are “jointly exploring enhancements to the terms of their amalgamation agreement.” “As a result, the special meetings of PartnerRe and AXIS Capital shareholders to approve the amalgamation agreement that were originally scheduled for July 24, 2015 will now take place on August... Read more of this article
Sandell Express Concern To PartnerRe Board
Sandell Asset Management Corp today [July 9] issued a public letter to Jean-Paul Montupet, Chairman of the Board of Directors of PartnerRe Ltd. to express their “continued concern that the ongoing actions of the Board raise significant questions about the Board’s commitment to a fair process and are inconsistent with corporate governance best... Read more of this article
EXOR To Present “Further Enhancements”
EXOR is today [July 7] holding an Investor Meeting in New York for all PartnerRe shareholders, where John Elkann, Chairman and CEO of EXOR, will present what the company said were “further enhancements” to EXOR’s Binding Offer “making an already superior offer to PartnerRe Common and Preferred Shareholders even more attractive.” PartnerRe... Read more of this article
PartnerRe: Deserve Substantive, Factual Answers
PartnerRe Ltd. has urged shareholders attending EXOR’s presentation on its unsolicited offer to acquire PartnerRe to “demand substantive and factual answers to critical questions.” “To date EXOR has either avoided answering important questions altogether or has provided misleading or incomplete responses to shareholders’ concerns,”... Read more of this article
EXOR Sends Letter To PartnerRe Employees
The AXIS/EXOR/PartnerRe business matter continues, with EXOR — the largest shareholder of PartnerRe Ltd. — sending an open letter to all PartnerRe employees who are shareholders, urging them to vote the Gold proxy card against the AXIS amalgamation agreement. In January 2015, Bermuda-based PartnerRe announced they had signed a “definitive... Read more of this article
PartnerRe Urges Vote For AXIS Amalgamation
Bermuda-based PartnerRe Ltd. yesterday [June 17] announced that its Board of Directors has sent a letter to shareholders in connection with the previously announced amalgamation with AXIS Capital. “PartnerRe reaffirms its recommendation of the AXIS transaction and urges shareholders to vote for the amalgamation agreement with AXIS Capital ahead... Read more of this article
Bermuda Supreme Court Deny EXOR Request
The AXIS/EXOR/PartnerRe business matter continues, with EXOR confirming that the Supreme Court of Bermuda has denied EXOR’s request to obtain customary beneficial ownership information from PartnerRe and saying they will “actively solicit PartnerRe’s common and preferred shareholders to vote against the AXIS transaction.” “Despite... Read more of this article
EXOR Lawsuit: PartnerRe To ‘Vigorously Defend’
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... Read more of this article
European Commission Approve Pending Merger
AXIS Capital Holdings Limited and PartnerRe Ltd. have received antitrust clearance from the European Commission with respect to the definitive amalgamation agreement that the two Bermuda-based companies announced on January 25, 2015. “AXIS Capital and PartnerRe have now received all competition-related approvals required for the completion of... Read more of this article
Sandell Asset: “Best Interests Of Shareholders”
The AXIS/EXOR/PartnerRe business matter continues, with Sandell Asset Management Corp issuing a public letter to the Chairman of PartnerRe Board expressing concern “that, with respect to the EXOR offer, certain actions of the Board of PartnerRe Ltd. did not appear to have been in the best interests of PartnerRe shareholders.” “While... Read more of this article
EXOR “Willing To Negotiate In Good Faith”
EXOR S.p.A., one of Europe’s leading listed investment companies and the largest shareholder of Bermuda-based PartnerRe Ltd., said “it is willing to negotiate in good faith to provide PartnerRe shareholders with improved closing certainty with regards to its binding all-cash $137.50 offer. “EXOR is prepared to commence these discussions... Read more of this article
