“PartnerRe continues an irresponsible campaign to intentionally and inappropriately mislead its shareholders.” This was written by Exor, which claims to "have entered the second week of meetings with analysts and investors of PartnerRe to ensure maximum clarity on the offer to PartnerRe shareholders".
The holding company of the Agnelli family adds "that it received a positive response to its offer" of 137,5 dollars for each PartnerRe share, and notes that "the facts speak for themselves", considering "a better price offered to ordinary PartnerRe shareholders , a better deal for preferred shareholders, no operational risk, a clear commitment to formalisation, no integration risk and a better and stronger future for PartnerRe”.
“The more the PartnerRe board misleads its shareholders about the benefits of Exor's offer, the clearer it becomes that the inferior transaction with Axis is lacking in content and presents lengthy execution and integration risks for shareholders, employees and customers”, adds Exor, thus urging PartnerRe ordinary and preferred shareholders once again “to vote against the proposed transaction with Axis at the PartnerRe extraordinary shareholders' meeting on July 24, which will make it possible to accept the higher offer of Exor".
The holding company, which with its proposal opposes the marriage project between PartnerRe and Axis, presented a document to Institutional Shareholder Services (Iss), one of the major delegation collection companies on the American market, which lists the benefits associated with the merger between Exor and PartnerRe with respect to the proposed integration with Axis.
The Bermuda-based reinsurance company has also involved FCA, which is headed by the financial company, in the clash with Exor, stating that Exor could withdraw its proposal in the event of a financial intervention in support of FCA.
