PartnerRe Comments on EXOR’s Proposal
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April 16, 2015 4:11 PM EDT
BMO Capital downgraded PartnerRe (NYSE: PRE) from Outperform to Market Perform with a price target of $130.00 (from $122.00).
Analyst Charles Sebaski commented, "On Tuesday, Exor S.p.A., a European investment firm, made a $130 per share all cash offer for PartnerRe, which corresponded to an approximately 16% premium to the merger terms with AXIS Capital. When we upgraded PartnerRe to Outperform from Underperform on March 26, we cited... More
April 14, 2015 2:46 PM EDT
PartnerRe (NYSE: PRE) 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... More
