PartnerRe’s shareholders OK’d EXOR’s planned $6.9 billion acquisition of the Bermuda-based reinsurer, clearing the way for the deal to close in the 2016 first quarter.
The affirmative vote, held on Nov. 19 at PartnerRe’s Bermuda offices, was expected. All required antitrust approvals are already in place, and PartnerRe said that insurance regulatory approvals needed for the deal “remain on track.”
In a related move, PartnerRe announced its board of directors declared a special dividend of $3 per share “payable to relevant holders of its common shareholders”—an action that will take place once EXOR closes its acquisition.
EXOR, an Italian investment firm, sealed an agreement to buy PartnerRe last August, capping months of M&A drama.
PartnerRe originally announced plans in January to merge with rival AXIS Capital Holdings, but EXOR swooped in a few months later with a rival bid. PartnerRe executives initially resisted EXOR’s overtures, but after back-and-forth communications and two counter-bids from EXOR, PartnerRe agreed to be acquired by EXOR instead.
AXIS wasn’t left empty-handed, however, as PartnerRe was required to pay a $315 million breakup fee.
In September, PartnerRe ended a period with an interim leader and named Emmanuel Clarke as its new president, with EXOR’s blessing.