The back and forth between the sides in the PartnerRe – AXIS Capital – Exor M&A triangle continues, with reinsurance firm PartnerRe now responding to Exor’s lawsuit (which we covered earlier today here), saying its “claims are without merit.”
Bermudian reinsurance firm PartnerRe was sued on the 1st June by Exor, as the Italian holding company and investor said that the reinsurer had refused to share details of its shareholders with the firm.
Exor wants to communicate directly with PartnerRe shareholders, so it can ensure they are fully informed about the terms of its all-cash offer for the reinsurance firm.
PartnerRe has responded, saying that; “EXOR’s claims are without merit” and that the reinsurance firm has fully complied with its obligations regarding shareholder disclosure under Bermuda and U.S. laws.
PartnerRe said that it intends to “vigorously defend” itself and that it is confident that Exor’s claim will be rejected.
The latest salvo’s fired in the M&A battle between the three firm’s perhaps show that patience is wearing thin. Exor feels that it is not getting the access it would like to the shareholders, which are due to vote on the PartnerRe – AXIS deal in July, while PartnerRe’s board feel they are complying reasonably with Exor’s demands.
It seems unlikely that the sides will come to an amicable agreement, which would perhaps be in the best interest of the shareholders, so the court may have to decide whether PartnerRe has complied with its obligations.
For the full story see our previous articles, most recent first:
– 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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