PartnerRe and AXIS Capital Holdings are postponing a shareholder vote on their $6.2 billion merger deal for two weeks as they contemplate enhancing the offer to fend off an unsolicited bid.
Italian investment firm EXOR SpA has stepped in with a $6.8 billion bid for PartnerRe, which risks gumming up the PartnerRe/AXIS merger deal first announced early this year.
PartnerRe and AXIS said in their July 10 announcement that they’d postpone the joint shareholder vote from July 24 until Aug. 7, in order to allow for joint exploration of “enhancements to the terms of their amalgamation agreement.”
“PartnerRe and AXIS Capital are committed to ensuring that common and preferred shareholders benefit materially from the combination of the two companies,” they note in their joint announcement. Both added that they will disclose any added deal elements “in the near-term.”
Reuters reported on July 9 that PartnerRe and AXIS Capital were mulling a deal sweetener to fend off the EXOR bid.
Source: AXIS Capital Holdings, PartnerRe