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Stock Market & Financial Investment News

News For AXS From The Last 14 Days
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August 3, 2015
17:38 EDTAXSPartnerRe requests withdrawal of registration statement
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07:16 EDTAXSAXIS agrees to terminate merger with PartnerRe, receives $315M breakup fee
AXIS Capital Holdings Limited (AXS) announced that it has accepted a request from PartnerRe Ltd. (PRE) to terminate the amalgamation agreement with AXIS Capital. PartnerRe will pay AXIS Capital a $315M fee to immediately terminate the amalgamation agreement, which was originally entered into by both companies on January 25, 2015. The special meeting of AXIS Capital shareholders, which was scheduled for August 7, 2015, has been cancelled. Michael A. Butt, Chairman of the AXIS Capital Board of Directors, said, “Prior to PartnerRe reaching out to us last December to discuss a combination of our companies, we were confident in continuing with our strategy as a stand-alone company, building our three strong businesses incrementally. We will now proceed with that strategy, with strengthened resolve. We have been very conscious of our responsibilities to our shareholders throughout these negotiations and believe we have demonstrated prudence and financial discipline in our approach.” In tandem with today’s announcement, the company has reinstated its share repurchase program, which has $749M remaining under the Board’s current authorization through December 31, 2016. As part of this program, a $300M accelerated share repurchase of the company’s stock is expected to begin as soon as is practical and should be completed no later than December 31, 2015. The share repurchase program allows the Company to effect repurchases in open market or privately negotiated transactions. The company’s share repurchase program had been put on hold following the merger announcement with PartnerRe.
07:06 EDTAXSEXOR to acquire PartnerRe for $140.50 per share, or approx. $6.9B
EXOR S.p.A., the largest shareholder of PartnerRe Ltd. (PRE) announced it has signed a definitive merger agreement to acquire all of the outstanding common shares of PartnerRe for $137.50 per share in cash plus a $3.00 per share special dividend, for a total consideration of $140.50 per share, valuing PartnerRe at approximately $6.9B. EXOR’s definitive agreement with PartnerRe follows the mutual decision of PartnerRe and AXIS Capital Holdings Limited (AXS) to terminate their amalgamation agreement and cancel the Special General Meeting planned for August 7, 2015. Under the terms of the EXOR transaction, PartnerRe preferred shareholders will also receive the enhancements announced on July 20, 2015. The agreement includes a “go-shop” period during which the PartnerRe board is entitled to solicit and evaluate any competing offers to the EXOR transaction and enter into negotiations related to proposals received prior to September 14, 2015, in each case subject to customary restrictions. The transaction requires the approval of PartnerRe shareholders at a special general meeting to be called as soon as reasonably practicable. It is expected to close not later than the first quarter of 2016 subject to obtaining the necessary shareholder approval, receipt of regulatory clearance and customary closing conditions. If certain transaction approvals are not received within 12 months following signing or if there are certain non-appealable legal prohibitions to closing, EXOR has committed to pay PartnerRe $225M as a partial reimbursement of the termination fee paid by PartnerRe to AXIS.
07:04 EDTAXSPartnerRe, AXIS Capital terminate amalgamation agreement
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07:03 EDTAXSPartnerRe says EXOR deal includes 'go-shop' period
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07:02 EDTAXSPartnerRe announces definitive sale agreement with EXOR for $6.9B
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07:01 EDTAXSPartnerRe announces definitive sale agreement with EXOR for $6.9B
July 30, 2015
10:00 EDTAXSOn The Fly: Analyst Upgrade Summary
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06:42 EDTAXSAXIS Capital upgraded to Buy from Neutral at Janney Capital
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July 29, 2015
09:40 EDTAXSEXOR says Proxy Mosaic recommends PartnerRe investors vote against AXIS deal
EXOR S.p.A., the largest shareholder of PartnerRe (PRE), welcomes the recommendation from Proxy Mosaic, LLC, a proxy research and corporate governance advisory firm, that PartnerRe Common and Preferred shareholders vote AGAINST the three proposals related to the AXIS (AXS) transaction at the PartnerRe Special General Meeting to be held on August 7. Their recommendation follows a detailed review of the PartnerRe/AXIS and EXOR proposals. The Proxy Mosaic report follows those of fellow proxy voting advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co., which also recommended PartnerRe shareholders should vote against the AXIS transaction. EXOR has proposed an alternative transaction for PartnerRe of $140.50 per share in cash for Common Shareholders and significantly enhanced terms for Preferred Shareholders. In its recommendation to vote AGAINST the PartnerRe – AXIS amalgamation, Proxy Mosaic said: "… we believe that the premium and certainty inherent in EXOR’s superior all-cash offer outweighs the potential upside in AXIS’ economically inferior offer."
July 28, 2015
16:41 EDTAXSAXIS Capital reports Q2 operating EPS 93c, consensus $1.02
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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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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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