Bermuda court rules against Exor’s shareholder detail request

by Artemis on June 8, 2015

The Supreme Court of Bermuda has ruled against Exor’s request to receive details of reinsurance firm PartnerRe’s shareholders, as the three-way M&A struggle between the investment group, the reinsurance firm and AXIS Capital continues.

Exor filed a lawsuit last week, claiming that PartnerRe had refused its request to access details of the reinsurers shareholders. Exor wanted the details so that it could communicate directly with the investors, to explain what it sees as the clear benefits of the reinsurance firm’s shareholders voting not to merge with AXIS.

PartnerRe quickly came out to say that it felt the lawsuit from Exor was “without merit” and that the reinsurance firm believed it had complied with Bermuda and U.S. legislation on the matter.

Now, the Supreme Court of Bermuda has quickly ruled against Exor, denying its request to receive the details of the shareholders.

PartnerRe commented; “EXOR’s application has been denied and EXOR has been ordered to pay PartnerRe’s costs. We are pleased with this outcome.”

Exor also commented, saying that it is “committed to communicating directly with PartnerRe shareholders.”

Exor claims that the reinsurance firm is attempting to keep its shareholders “uninformed about Exor’s superior offer.”

The Italian, Agnelli family operated holding and investment company said that it would continue to “actively solicit PartnerRe’s common and preferred shareholders to vote against the AXIS transaction,” and that it’s offer “clearly affords substantial benefits to PartnerRe common and preferred shareholders as well as employees.”

Also last week analysts from KBW weighed in, saying that they believe that PartnerRe shareholders should, and likely will, vote to merge with AXIS Capital.

For the full story see our previous articles, most recent first:

PartnerRe shareholders should vote to go with AXIS: KBW analysts.

PartnerRe says Exor’s lawsuit claims “without merit”.

Exor sues to gain access to PartnerRe shareholder details.

PartnerRe-AXIS : $60m fees from third-party reinsurance capital by 2017.

EXOR welcomes PartnerRe shareholder vote, Sandell questions Board.

PartnerRe rejects EXOR again, to proceed with vote on AXIS merger.

EXOR says will engage with PartnerRe board, but not on price.

AXIS prepared to go it alone if PartnerRe deal breaks up.

PartnerRe board wants improved EXOR bid, or it’s back to AXIS.

AXIS unlikely to sweeten PartnerRe offer to match EXOR: Reuters.

Shareholders hold key to PartnerRe’s future, EXOR bid preferred.

EXOR increases offer for PartnerRe, becomes largest shareholder.

Exor to consider increasing bid for PartnerRe, reports.

AXIS, PartnerRe committed on merger. EXOR commits to its offer.

Major shareholder prefers EXOR’s bid for PartnerRe over AXIS’.

EXOR bids $6.4B for PartnerRe, to get into reinsurance.

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