Italy's Exor SpA Tuesday said it had offered $6.4 billion in
cash to buy U.S.-based reinsurer PartnerRe Ltd. in a move that
would greatly increase the international reach and diversity of
holdings of the Agnelli family holding company.
Exor, which owns a controlling stake in Fiat Chrysler
Automobiles NV, said its offer of $130 a share is a 16% premium
compared with the implied value of a previously agreed tie-up
between PartnerRe and Axis Capital Holdings Ltd.
The Exor offer "provides PartnerRe shareholders with superior
value and greater certainty since it is all cash, fully financed,
and does not require a capital increase by EXOR nor a vote by its
shareholders," the Italian holding company said in a statement.
Write to Eric Sylvers at eric.sylvers@wsj.com
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