Italian group says $140.50 per share is 7% more than rival


Italian investment group Exor has sweetened its offer for PartnerRe, which it says now offers shareholders greater value than the takeover deal PartnerRe agreed with Axis Capital.

Exor, the investment vehicle for the Agnellis family, which is behind the Fiat motor company, said its offer values PartnerRe at $140.50 per share in cash.

It is offering $137.50 per share plus a special dividend of $3.00 payable when the proposed deal closes.

It said the offer delivers a 7% premium to Axis’s offer, which was improved last week.