(Bloomberg) -- Exor SpA, the Agnelli family’s investment company, agreed to buy PartnerRe Ltd. for about $6.9 billion in its biggest single acquisition in more than a century after the reinsurer scrapped a deal with rival Axis Capital Holdings Ltd.
Exor, which controls Fiat Chrysler Automobiles NV, will pay $140.50 a share, including a special pre-closing dividend of $3 a share, according to a statement Monday from PartnerRe and Exor. The Bermuda-based reinsurer suffered setbacks in its plan to merge with Axis when proxy advisory firms recommended last month that PartnerRe shareholders reject that combination and favor Exor. A shareholder vote had been scheduled for Aug. 7.
Holding out for a better deal “was critical to delivering a transaction that represents a significant improvement in the price and terms of Exor’s original proposal,” PartnerRe Chairman Jean-Paul Montupet said in the statement.
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