(Bloomberg) -- Exor SpA upped the ante in the takeover battle for PartnerRe Ltd., raising its bid by 5.8% in a final push to beat out rival Axis Capital Holdings Ltd. for control of the reinsurer.
Exor, the investment vehicle of Italy’s billionaire Agnelli family, now plans to pay $137.50 a share for the Bermuda-based company. The Turin-based investor has backed its $6.8 billion bid by buying 9.32% of PartnerRe. The purchase makes Exor the company’s biggest shareholder surpassing Vanguard Group Inc.’s 7.97%.
“Our offer is superior,” Exor Chairman and Chief Executive Officer John Elkann said in an interview with Bloomberg. “Going higher would be irresponsible for our shareholders. This is our final and last offer.”
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