PartnerRe Board Rejects EXOR Proposal - Quick Facts

(RTTNews) - PartnerRe Ltd. (PRE) announced its Board has rejected the unsolicited proposal by EXOR S.p.A. to acquire PartnerRe at a price of $130 per share. The company said, despite numerous attempts by its Board to negotiate on price, EXOR stated that $130 per share was its best and only offer.

PartnerRe also reaffirmed its commitment to the planned merger with AXIS Capital Holdings Limited (AXS) and announced enhanced merger terms that allow PartnerRe to pay a one-time special dividend of $11.50 per common share to PartnerRe common shareholders prior to the closing of the amalgamation agreement. The PartnerRe Board determined that superior value is created through the enhanced merger terms with AXIS Capital.