BMO Capital Downgrades PartnerRe (PRE) to Market Perform
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PartnerRe Comments on EXOR’s Proposal
April 14, 2015 2:45 PM EDTPEMBROKE, Bermuda--(BUSINESS WIRE)-- PartnerRe Ltd. (NYSE: PRE) today announced that it has received an unsolicited proposal from EXOR (EXO IM), a European investment company controlled by the Agnelli family, to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4 billion.
As was previously announced on January 25, 2015, PartnerRe has entered into a definitive amalgamation agreement with AXIS Capital to combine and create one of the worlds leading specialty insurance and reinsurance companies.
Consistent with its fiduciary duties, the PartnerRe Board of Directors... More
EXOR Announces $6.4 Billion All-Cash Proposal to Acquire PartnerRe for $130 Per Share
April 14, 2015 12:08 PM EDTTURIN, Italy, April 14, 2015 /PRNewswire/ -- EXOR (EXO IM), one of Europe's leading listed investment companies, controlled by the Agnelli family, today submitted a written proposal to the Board of Directors of PartnerRe Ltd. ("PartnerRe"; NYSE: PRE) to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4 billion. EXOR's all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the Amalgamation Agreement between PartnerRe and AXIS Capital Holdings Limited ("AXIS"; NYSE: AXS),... More
