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Italy: PartnerRe rejects $6.8 billion Exor bid but wants to continue talks

By  |  May 20, 2015

Bermuda-based reinsurer PartnerRe said on Wednesday it was ready to talk to Italian holding company Exor to see if there was room to improve its $6.8 billion takeover bid.

Exor, controlled by the Agnelli family, last week sweetened its all-cash offer for PartnerRe after a previous attempt to trump a bid by Axis Capital Holdings was rejected on the grounds it undervalued the reinsurer.

PartnerRe and peer Axis agreed in January to create one of the world’s largest reinsurers, improving the deal earlier in May by including a one-off cash dividend.

“While we believe that PartnerRe is worth materially more than Exor has offered and the terms they have proposed are deficient, we stand ready to negotiate,” PartnerRe Chairman Jean-Paul Montupet said in a statement.

 

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