Shareholders to Vote on Proposed Merger of AXIS Capital, PartnerRe on July 24

AXIS Capital Holdings Ltd. and PartnerRe Ltd. have scheduled special shareholder meetings to vote on the proposed merger of AXIS Capital and PartnerRe.

AXIS Capital’s special meeting of shareholders in connection with the proposed merger will be held on July 24, 2015 at 9:00 a.m. Bermuda time, at 92 Pitts Bay Road, Pembroke, Bermuda, while PartnerRe’s special meeting will be held on the same day and time at 90 Pitts Bay Road.

The transaction remains on track to close in the third quarter of 2015, the companies said.

The companies said their boards both recommend that their respective stockholders vote “for” the “amalgamation agreement between the companies and encourage stockholders to carefully evaluate the investor presentations filed by both companies on June 1, 2015 as part of their consideration of the transaction.”

“On May 12, 2015, EXOR SpA made an opportunistic offer to acquire all of the outstanding common shares of PartnerRe for $137.50 per share in cash. PartnerRe’s Board, in consultation with independent financial and legal advisors, unanimously determined that EXOR’s offer is unacceptable and not in the best interests of PartnerRe and its shareholders,” PartnerRe said in a statement.

“Our board’s position is clear – we are sharply focused on acting in the best interests of our shareholders and as such strongly recommend that our shareholders support the highly compelling transaction agreed between PartnerRe and AXIS Capital,” said Jean-Paul L. Montupet, chairman of PartnerRe.

“While EXOR continues to use strong rhetoric, the unbiased facts are that EXOR’s offer is opportunistic and reflects an unacceptable price coupled with significant risk. It does not reflect the intrinsic strength of PartnerRe nor the clear future value inherent in a combined PartnerRe and AXIS Capital.”

Montupet concluded: “Our board is confident in the substantial long-term value potential of the combination with AXIS Capital. We look forward to frequent discussions with our shareholders in the coming weeks and a positive outcome on July 24th.”

Source: AXIS Capital Holdings and PartnerRe

Related:

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• PartnerRe Shareholders to Decide on AXIS Bid; Board Rejects EXOR Offer
• EXOR Refuses to Sweeten $6.8 Billion Offer to Acquire PartnerRe
• AXIS Says Termination Fee Would Soften Blow if PartnerRe Deal Collapses
• Update: PartnerRe Says $6.8B EXOR Offer Unacceptable; Open to Negotiations
• Italy’s Agnellis: Billionaire Family Behind PartnerRe Takeover Battle
• EXOR Raises Bid for PartnerRe by 5.8%, Aiming to Overcome Rival AXIS Offer
• Italy’s EXOR to Consider Increasing $6.4B Offer for PartnerRe: Sources
• AXIS Capital Could Attract Offer From Arch Capital: Report
• EXOR Bid for PartnerRe Still Has Legs as Shareholders Weigh Offers: Real M&A
• PartnerRe Rejects EXOR Offer; Confirms AXIS Deal w/ Enhanced Terms
• EXOR Says Remains ‘Fully Committed’ to Spurned PartnerRe Offer
• PartnerRe Investor Fund Describes EXOR Bid as ‘Much Superior’ to AXIS Deal
• Update: Italy’s EXOR Offers $6.4 Billion for PartnerRe in Threat to AXIS Deal
• AXIS to Merge with PartnerRe to Create $11 Billion Reinsurer