PartnerRe Announces Definitive Sale Agreement with EXOR for $6.9 Billion
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Axis Capital (AXS) Will Receive $315M Break-up Fee on Termination of PartnerRe (PRE) Deal
August 3, 2015 7:26 AM EDTAxis Capital (NYSE: AXS) announced that it has accepted a request from PartnerRe Ltd. (PartnerRe) (NYSE: PRE) to terminate the amalgamation agreement with AXIS Capital. PartnerRe will pay AXIS Capital a $315 million fee to immediately terminate the amalgamation agreement, which was originally entered into by both companies on January 25, 2015. The special meeting of AXIS Capital shareholders, which was scheduled for August 7, 2015, has been cancelled.
Michael A. Butt, Chairman of the AXIS Capital Board of Directors, said, Prior to PartnerRe reaching out to us last December to discuss a... More
EXOR to Acquire PartnerRe (PRE) for $140.50/Share
August 3, 2015 7:01 AM EDTPartnerRe (NYSE: PRE) announced that it has reached a definitive agreement with EXOR S.p.A. (EXOR) under which EXOR will acquire all of the outstanding common shares of PartnerRe for an all-cash consideration of $140.50 per share, including a special pre-closing dividend of $3.00 per share, for a total transaction value of approximately $6.9 billion. The agreement is not subject to due diligence and is not conditioned on financing.
The deal follows a multi-month bidding process that started on January 25, 2015 with an amalgamation deal between PartnerRe and AXIS Capital (NYSE:... More
