Exor to consider increasing bid for PartnerRe, reports
Monday, 05 11 2015, Category: Insurance and Reinsurance, Country: World
Reuters is reporting that sources have told the media firm that Italian investment holding company Exor is to consider increasing its bid for reinsurance firm PartnerRe at a board meeting next week.
It’s the latest twist in the saga surrounding the AXIS Capital – PartnerRe merger, which has been taking shape. Exor came in with a $6.4 billion bid to buy out PartnerRe shareholders, a superior cash deal to the merger. Then AXIS responded last week, offering a special dividend to sweeten the deal for shareholders in the reinsurer.
Perhaps demonstrating the attraction that reinsurance business has, now Reuters reports that two sources told it today that Exor will consider increasing its offer, or sweetening it in some way. Perhaps also showing that Exor does not want to lose its opportunity to get into the global reinsurance space.