(Bloomberg) — PartnerRe Ltd., the reinsurer that agreed to merge with Axis Capital Holdings Ltd., said it will enter negotiations with hostile bidder Exor SpA after the Italian company's latest cash offer for more than $6.7 billion.
"The PartnerRe board has determined that the latest Exor proposal would reasonably be likely to result in a 'superior proposal,'" the Bermuda-based reinsurer said in a statement Tuesday.
PartnerRe's announcement marks a shift from refusing to negotiate since May and repeatedly calling Exor's previous offers inadequate. The reinsurer's board said Tuesday it still believes the merger with Axis would add more value, after Exor lifted its $137.50-a-share offer Monday by adding a $3 dividend payable to shareholders before a takeover is completed.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
