PartnerRe’s shareholders are scheduled to vote on EXOR’s planned $6.9 billion acquisition of the Bermuda-based reinsurer on Nov. 19.
PartnerRe disclosed the planned shareholder meeting in a proxy statement filed on Sept. 25 with the Securities and Exchange Commission. Shareholders themselves should be receiving the proxy statement by mail in the coming days.
As expected, PartneRe’s board of directors recommends that its shareholders approve the sale, which will close in the 2016 first quarter pending shareholder and regulatory approvals.
EXOR, the Italian investment firm, began its unsolicited bid for PartnerRe earlier this year, even though the reinsurer had announced a planned merger with rival AXIS Capital Holdings in January.
An aggressive back-and-forth ensured until PartnerRe agreed to be bought by EXOR in August. Earlier in September, PartnerRe named a new president – Emmanuel Clarke – after months of operating with an interim leader.