The PartnerRe Board defines the merger project proposed by Exor, the Agnelli financial company, as "unacceptable in terms of prices and conditions" and believes that the integration plan with Axis "creates greater value for all shareholders". Thus a document dated June XNUMXst sent by the board of PartnerRe to the authorities of the American Stock Exchange Sec, which reads that "after evaluating a complete range of alternatives, it clearly emerged that an integration with Axis represents the best opportunity for the shareholders of PartnerRe as the merger with Axis will allow PartnerRe to invest in the primary insurance sector without paying a premium for controlling and will benefit from the ongoing consolidation in the reinsurance sector”.
According to the PartnerRe board, “a combination with Axis represents a unique opportunity for PartnerRe and will create a global leader in specialized insurance and reinsurance”, while Exor's proposal “is not in the best interest of PartnerRe's shareholders”, di whose value it underestimates, and "exposes PartnerRe shareholders to significant risks".
