(Bloomberg) -- PartnerRe Ltd., seeking to fend off a hostile $6.8 billion cash bid from Exor SpA, is weighing whether it can arrange new terms with rival reinsurer Axis Capital Holdings Ltd. to preserve their planned merger.
The two Bermuda-based insurers postponed shareholder votes that were scheduled for July 24 and will instead hold meetings on Aug. 7, PartnerRe and Axis said Friday in a statement.
Exor, the billionaire Agnelli family’s investment firm, met with investors Tuesday to persuade them to vote against the Axis merger plan. Exor Chairman John Elkann offered to lift the dividend on PartnerRe preferred shares by one percentage point if his bid is successful, and said he won’t call three series of the securities until 2021.
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