Offer matches rival’s terms for preferred shareholders
Axis Capital has sweetened its agreed offer for PartnerRe aimed at fending off a rival offer for the reinsurance giant from Italian investment group Exor.
Axis said it will raise the special dividend it plans to pay to $17.50 per ordinary share from $11.50 and will match Exor’s terms for PartnerRe’s preferred shareholders.
Exor last week improved its $6.8bn offer for PartnerRe, worth about $13.50 a share.
PartnerRe Chairman Jean-Paul Montupet said: “This amalgamation will immediately enhance our strategic positioning and financial strength and we will have tremendous resources to build upon our proven track record of stability and success.”
Axis and PartnerRe last week postponed shareholder votes on the deals while they prepared a sweetened offer. The two sets of shareholders are now due to hold separate votes on 7 August.