(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.”

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