BMO Capital Downgrades PartnerRe (PRE) to Market Perform
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April 14, 2015 2:45 PM EDT
PEMBROKE, 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
April 14, 2015 12:08 PM EDT
TURIN, 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
