One of the final hurdles has been overcome and PartnerRe looks set to become the reinsurance arm of Italian investment holding company EXOR S.p.A after the reinsurers shareholders approved the acquisition at a meeting in Bermuda today.
The shareholder meeting was crucial to EXOR’s aims to acquire PartnerRe, as it needed their support for the reinsurance M&A transaction to go ahead.
At the meeting today PartnerRe’s shareholders approached the acquisition of the company by EXOR and all related transactions.
PartnerRe also declared a special dividend of $3.00 per share payable to common shareholders. This dividend is conditional and contingent upon the completion of the EXOR acquisition.
EXOR’s acquisition of PartnerRe is expected to close during the first quarter of 2016, subject to antitrust and insurance regulatory approvals. Antitrust approvals have already been obtained and the firm said that the insurance regulatory approvals are on track for the acquisition closing in the first quarter of 2016.
EXOR is on track to enter the reinsurance market in 2016, with the PartnerRe platform providing an experienced and skilled team to ease its entry, while the new ownership by EXOR and the benefits of diversification within its holdings should help PartnerRe to improve its capital efficiency.
For the full story see our previous articles, most recent first:
– EXOR acquires PartnerRe for $6.9 billion.
– PartnerRe said to contact EXOR, as it seeks to salvage a deal.
– Third proxy voting firm favors PartnerRe being bought by EXOR.
– AXIS refrains from citing proxy firm inconsistency in second report.
– Glass Lewis tells PartnerRe shareholders vote against AXIS deal.
– AXIS Capital questions ISS opinion on PartnerRe merger.
– ISS tells PartnerRe shareholders not to vote for AXIS merger, plus EXOR’s response.
– PartnerRe & AXIS continue to highlight tax risk of EXOR deal.
– AXIS: PartnerRe deal superior “immediately & in future” to EXOR deal, halts integration work.
– PartnerRe Board says EXOR’s offer likely superior, but still prefers AXIS.
– EXOR adds another $3 per common share to PartnerRe offer
– Enhanced PartnerRe – AXIS terms weaken merger rationale: Analyst.
– PartnerRe and AXIS reveal improved merger terms.
– EXOR says PartnerRe & AXIS acknowledge transaction is inferior.
– PartnerRe and AXIS Capital evaluate improving merger deal.
– As EXOR pursues PartnerRe, AXIS could attract buyer: Macquarie.
– Activist Sandell says PartnerRe board misinforming shareholders.
– AXIS needs to match, or beat, EXOR’s improved PartnerRe offer.
– EXOR enhances deal terms for PartnerRe shareholders.
– PartnerRe unimpressed with EXOR’s expanded completion guarantee.
– EXOR sweetens PartnerRe offer with completion guarantee.
– EXOR says receiving positive response from PartnerRe shareholders, plus updates from both sides.
– PartnerRe cites inadequate price, unacceptable risk of EXOR offer.
– Confusion over whether Arch is bidding for AXIS, or not.
– KBW analysts still give AXIS the edge to win PartnerRe deal.
– Arch said to be considering AXIS Capital bid: Reports.
– Analysts feel EXOR has improved chance of buying PartnerRe.
– EXOR capital structure has no bearing on PartnerRe rating: S&P.
– EXOR accuses PartnerRe board of “engineering” AXIS transaction.
– PartnerRe Board urges Preferred Shareholders to vote for AXIS merger.
– Bermuda court rules against Exor’s shareholder detail request.
– 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.