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Stock Market & Financial Investment News

News Breaks
December 19, 2012
10:01 EDTMKL, PTP, AXS, ALTE, MRH, AWH, VR, ENHAlterra up after deal, analyst positive on Bermuda peers
Insurance company Alterra (ALTE) is rallying after Markel Corporation (MKL), a financial holding company, agreed to buy Alterra for $31 per share in cash and stock, or $3.13B. Each Alterra share will be exchanged for $10 and 0.04315 Markel shares, the companies said. In a note to investors earlier today, Wells Fargo analyst John Hall wrote that the acquisition of Alterra, which is based in Bermuda, should boost the share prices of other Bermuda based companies that are trading significantly below their book values. Allied World (AWH), AXIS Capital (AXS), Endurance Specialty (ENH), Montpelier Re (MRH), Platinum Underwriters (PTP), and Validus (VR) are examples of such companies, the analyst wrote. In early trading, Alterra surged 24.02% to $28.71, Allied World rose 1.89% to $80.15, Endurance Specialty gained 3.01% to $40.69, Montpelier Re added 1.97% to $22.78, Platinum Underwriters climbed 4.16% to $47.06, and Validus increased 1.54% to $34.85.
News For AWH;AXS;ENH;MRH;PTP;VR;ALTE;MKL From The Last 14 Days
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July 28, 2015
16:41 EDTAXSAXIS Capital reports Q2 operating EPS 93c, consensus $1.02
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16:29 EDTVRValidus reports Q2 net operating EPS $1.13, consensus $1.16
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08:31 EDTAXSGlass Lewis recommends AXIS shareholders vote in favor of PartnerRe deal
AXIS Capital (AXS) announced that Glass Lewis recommended that AXIS Capital shareholders vote FOR the proposed amalgamation agreement with PartnerRe (PRE). Last week, Institutional Shareholder Services—another independent proxy advisory firm—also announced its recommendation in favor of the agreement.
July 27, 2015
09:26 EDTAXSEXOR says Glass Lewis recommends PartnerRe investors vote against AXIS deal
EXOR S.p.A., the largest shareholder of PartnerRe Ltd. (PRE), welcomes the recommendation from Glass Lewis & Co. Following its detailed review of the reasonably expected timing, certainty and risks of the proposals Glass Lewis & Co stated that “Exor’s offer is superior” and that PartnerRe Common and Preferred Shareholders should vote AGAINST the three proposals related to the AXIS (AXS) transaction at the PartnerRe Special General Meeting to be held on August 7. Glass Lewis is a leading independent governance analysis and proxy voting advisor for institutional investors. The Glass Lewis report follows that of Institutional Investor Services, another leading proxy voting advisory firm, which last week also recommended PartnerRe shareholders vote against the AXIS transaction. In its recommendation to vote AGAINST the PartnerRe – AXIS amalgamation, Glass Lewis said: “For common shareholders…the relative immediacy and certainty of an all-cash offer at a premium valuation -- which we believe is in line with prior transactions involving reinsurers -- makes Exor's offer more attractive…”
07:15 EDTAXSPartnerRe could withdraw from deal, says Wells Fargo
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July 24, 2015
15:28 EDTAXSISS recommends AXIS Capital shareholders vote for agreement with PartnerRe
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11:43 EDTAXSEXOR 'welcomes' ISS recommendation for PartnerRe vote against AXIS offer
EXOR said it welcomes the recommendation from Institutional Shareholder Services, following its detailed review of the transaction, that PartnerRe (PRE) shareholders vote AGAINST the three proposals related to the AXIS (AXS) transaction at the PartnerRe Special General Meeting to be held on August 7, 2015. ISS is the leading independent provider of recommendations on corporate governance and voting issues for institutional investors. EXOR said it reminds PartnerRe shareholders that voting AGAINST the AXIS transaction at the SGM on August 7 is a critical step to enable PartnerRe to accept EXOR’s fully-financed, all-cash superior offer, delivering Common Shareholders the certainty of $140.50 per share in cash and providing Preferred Shareholders with a conservative credit profile and significantly enhanced terms.
11:21 EDTAXSISS recommends against PartnerRe deal with AXIS, Insurance Insider says
Proxy firm Institutional Shareholder Services has recommended that PartnerRe (PRE) shareholders vote against its proposed tie-up with Axis Capital (AXS), said Insurance Insider, adding that the recommendation may be a "potential knock-out blow" Exor, which has made a competing cash offer of $137.50 per share to acquire PartnerRe. Reference Link
July 22, 2015
17:13 EDTAXSAXIS Capital, PartnerRe reaffirm commitment to 'superior proposal'
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16:18 EDTAWHAllied World reports Q2 operating EPS 27c, may not compare to consensus 78c
Reports Q2 revenue $669.8M, consensus $597.5M.
July 21, 2015
14:22 EDTAXSAXIS calls merger agreement with PartnerRe 'superior' to revised EXOR offer
AXIS Capital Holdings (AXS) stated that its merger agreement with PartnerRe (PRE) is "superior" to the revised offer from EXOR. AXIS Capital said, "The value of our merger agreement with PartnerRe is superior to the EXOR offer both immediately and in the future. We provide continuity of interest for investors to participate in the future upside resulting from the substantial strategic and financial benefits of the combined company, the exchange of PartnerRe common stock for combined company common stock in the amalgamation is tax free to PartnerRe shareholders, we offer deal closing certainty ahead of the upcoming renewal season, and the combined company will have a superior credit profile." AXIS Capital also highlighted that PartnerRe "continues to support the amalgamation agreement between the two companies," according to AXIS.
08:40 EDTAXSPartnerRe says AXIS offer still 'superior' to new EXOR offer
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July 20, 2015
08:50 EDTAXSEXOR confirms all-cash binding offer of $137.50 per share to PartnerRe investors
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July 17, 2015
11:19 EDTAXSPreferred holders unlikely to prefer improved AXIS bid for PartnerRe, CTFN says
After AXIS Capital (AXS) and PartnerRe (PRE) announced enhancements to the terms of their proposed merger, a person with firsthand knowledge of the situation told CTFN that large stakeholders with preferred shares are still likely to view EXOR's bid, which gives the chance to "cash out with [a] clean all-cash a higher valuation," as the more attractive option. Reference Link
July 16, 2015
07:32 EDTAXSAXIS, PartnerRe announce enhanced merger terms
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