PartnerRe To Engage In Discussions With EXOR On Potential Transaction

(RTTNews) - PartnerRe Ltd. (PRE) announced that its Board has determined that it is prepared to engage in discussions with EXOR S.p.A. to determine whether EXOR's offer, received on May 12, 2015, to acquire all of the outstanding common shares of PartnerRe for $137.50 per share in cash can be improved. PartnerRe has secured a waiver from AXIS Capital, allowing direct engagement with EXOR with customary access, including due diligence. The company noted that its Board has not changed the recommendation with respect to the pending merger with AXIS Capital.

Jean-Paul Montupet, Chairman of PartnerRe, said, "Although we were disappointed that EXOR has made misleading statements regarding our prior discussions, we are interested in a proposal that may lead to superior value for our shareholders."

The PartnerRe Board has issued a letter to its shareholders responding to statements made by EXOR on its proposal. The company believes its interactions with EXOR to date have been severely distorted and mischaracterized by EXOR.