EXOR Announces Binding Offer For PartnerRe - Quick Facts

(RTTNews) - EXOR S.p.A. (EXOSF.PK) announced it has delivered an irrevocable and binding offer to the Board of PartnerRe Ltd. (PRE) to acquire all of the outstanding common shares of PartnerRe for $137.50 per share in cash, valuing PartnerRe at $6.8 billion. The company said its Board unanimously approved the binding offer, which includes a signed merger agreement that can be executed by PartnerRe immediately upon termination of the AXIS agreement.

EXOR said the company is filing the preliminary proxy materials with the U.S. SEC in connection with PartnerRe's upcoming special general meeting of shareholders. EXOR believes, if the PartnerRe Board continues to favor its transaction with AXIS, the filing enables EXOR to solicit PartnerRe shareholders to vote against the AXIS transaction.

"EXOR's binding offer clearly delivers superior and certain value for PartnerRe shareholders, and provides a more attractive outcome for the company's employees and clients. We hope the PartnerRe Board agrees and does the right thing. In any event, we believe PartnerRe shareholders deserve the opportunity to choose our offer and, in order to do so, we urge them to vote against the inferior AXIS transaction," said John Elkann, Chairman and CEO of EXOR.

EXOR noted that its commitment to the offer is underscored by the company's decision to invest $572 million in PartnerRe, representing 9.32% of the total outstanding common shares.