(Bloomberg) — PartnerRe Ltd. is betting the value of a merger with Axis Capital Holdings Ltd. is worth more in the long run than an extra few dollars a share now. Shareholders may not agree.

The Bermuda-based reinsurer on Monday chose a sweetened agreement with Axis — valuing PartnerRe at about $126 a share, according to analysts — over a $130 cash bid from Exor SpA. The new terms with Axis include an $11.50-a-share one-time special dividend to supplement what had been an all-stock transaction.

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