PartnerRe rejects EXOR again, to proceed with vote on AXIS
Monday, 05 25 2015, Category: Insurance and Reinsurance, Country: World
The board of reinsurance firm PartnerRe has once again rejected EXOR’s offer and also responded to what it calls EXOR’s rejection of its “good faith invitation to engage” and will now proceed with a shareholder vote on the AXIS Capital merger.
The move by PartnerRe’s board today could finally result in some closure on this M&A transaction, forcing shareholders to choose between the AXIS Capital merger or the all-cash offer from Italian holding company EXOR.
PartnerRe’s board explained; “By demanding that we declare their offer ‘reasonably likely to be a superior proposal’ as a precondition to any negotiations, EXOR has effectively rejected our Board’s good faith offer made yesterday to engage in discussions on price and other terms. We have made it very clear that EXOR’s price and terms are unacceptable.