(Bloomberg) — PartnerRe Ltd. rejected an unsolicited $6.4 billion takeover offer from Italy's Exor SpA, opting to stick with merger partner Axis Capital Holdings Ltd.

Enhanced merger terms with Axis will allow reinsuer PartnerRe to pay a one-time special dividend of $11.50 a share, according to a statement Monday from Bermuda-based PartnerRe.

PartnerRe over the past three weeks "engaged extensively with Exor and conducted a very careful and thorough evaluation of the many aspects of their proposal, including price," Chairman Jean-Paul Montupet said in the statement. "Throughout these discussions, Exor made it abundantly clear that it was not willing to adjust its price."

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