PartnerRe has obtained a waiver from Axis allowing for direct engagement with Exor.

(Bloomberg) — PartnerRe Ltd. said it would engage in discussions with hostile bidder Exor SpA to seek a better offer than the $6.8 billion proposal that the target company called “unacceptable.”

“While we believe that PartnerRe is worth materially more than Exor has offered and the terms they have proposed are deficient, we stand ready to negotiate,” Jean-Paul Montupet, chairman of Bermuda-based PartnerRe, said in a statement Wednesday.

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