Exor improves bid again to buy US reinsurance company PartnerRe. The holding company of the Agnelli family communicates it in a note. “After constructive talks with PartnerRe's ordinary and preferred shareholders” Exor presents “further improvements to the terms of its binding offer and has delivered to PartnerRe an amended and signed merger agreement reflecting these improvements”.
In detail, the new conditions provide for a Go shop provision which allows PartnerRe to "solicit offers from third parties after signing with Exor" until August 31, 2015, so that shareholders have the certainty that Exor's binding proposal "remains the best alternative for the company". During this period, Exor will reduce the penalty for interruption to 135 million (2% of the transaction value).
Furthermore, if PartnerRe is not obligated to pay the termination penalty to Axis, Exor undertakes to transfer the full value ($6,39 per share) to PartnerRe's shareholders. In fact, Exor increases the value of its offer to $143,89 per share.
To underscore Exor's commitment to obtaining necessary clearances, John Elkann today provided PartnerRe with a legally binding personal commitment to provide the information necessary to obtain such clearances. "This action should address unfounded concerns that all necessary filings to obtain relevant approvals will not be performed," the statement concludes.
