(Bloomberg) -- PartnerRe Ltd. will ask its shareholders to vote on a planned merger with Axis Capital Holdings Ltd. after Exor SpA refused to raise a $6.8 billion hostile bid for the reinsurer.
“Exor has effectively rejected our board’s good faith offer” to negotiate, Bermuda-based PartnerRe said in a statement Friday. “We have made it very clear that Exor’s price and terms are unacceptable.”
Exor SpA, the investment vehicle led by Italy’s Agnelli family, has sought to break up the deal between the Bermuda- based reinsurers with an all-cash bid, which was raised from a previous proposal of $6.4 billion. The Turin-based company said Thursday that it was open to discussions to provide certainty about its ability to complete a transaction, but the price wasn’t negotiable.
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