PartnerRe To Review EXOR's Revised Offer

(RTTNews) - Reinsurer PartnerRe Ltd. (PRE) confirmed Tuesday that it has received a revised offer from EXOR S.p.A., to acquire all of the outstanding common shares of the company for $137.50 per share in cash.

PartnerRe said its Board of Directors will review the revised EXOR proposal in order to make a recommendation that is in the best interest of the company and its shareholders.

PartnerRe had earlier this month rejected EXOR's previous takeover offer of $130 per share.

As previously announced on May 4, PartnerRe and AXIS Capital reaffirmed their commitment to the companies' January 25, 2015 definitive amalgamation agreement, as amended, and announced that PartnerRe shareholders will receive a special one-time cash dividend of $11.50 per share in connection with and conditioned upon the closing of the merger.