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EU: AXIS & PartnerRe consider sweetening $6.2 billion merger agreement

 |  July 9, 2015

Reinsurers AXIS Capital Holdings Ltd and PartnerRe Ltd are considering tweaking their $6.2 billion merger agreement in a bid to fend off a $6.8 billion offer for PartnerRe by EXOR SpA, people familiar with the matter said.

The move would be a response to EXOR’s announcement on Tuesday that it would sweeten its proposal, including offering one additional percentage point in the dividend rate received by PartnerRe preferred shareholders.

In its announcement on Tuesday, EXOR also said that if PartnerRe was no longer obliged to pay a $315 million fee to terminate its merger agreement with AXIS, Exor would still pay out a corresponding amount to PartnerRe shareholders.

Full content: The New York Times

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