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Stock Market & Financial Investment News

News For AXS From The Last 14 Days
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July 7, 2015
08:57 EDTAXSEXOR announces ‘enhanced’ terms for PartnerRe shareholders
EXOR is holding an investor meeting today in New York City for all PartnerRe (PRE) shareholders. At the meeting John Elkann, chairman and CEO of EXOR, will present further enhancements to EXOR’s Binding Offer terms making an already superior offer to PartnerRe Common and Preferred Shareholders even more attractive. EXOR said its offer for PartnerRe is “superior by all significant measures,” and that the $137.50 per share all-cash offer is binding, fully financed, and provides a clear and highly assured path to closing. EXOR’s Binding Offer is fully backed by the balance sheet of its listed parent, a public company with a Net Asset Value of approximately $15B. EXOR is making the following enhancements to the terms of its Binding Offer and has delivered to PartnerRe a revised signed Merger Agreement reflecting those enhancements: A “Go Shop” Provision Allowing PartnerRe to Solicit Bids from Third Parties After Signing with EXOR; if PartnerRe is Not Obligated to Pay the Termination Fee to AXIS (AXS), EXOR Commits to Pass the Full Value to PartnerRe Shareholders; and Personal Commitment From John Elkann Underscores Regulatory Certainty in EXOR’s Merger Agreement. In summary, under the existing EXOR Binding Offer for PartnerRe, Preferred Shareholders would continue to own a listed security with the same tax treatment, financial reporting standards and expected credit rating. They would also own a company with lower initial leverage when compared to the terms of the AXIS transaction and without exposure to the significant merger integration risks of a combination with AXIS. Under the enhanced EXOR Binding Offer announced today the terms will further provide PartnerRe Preferred Shareholders with higher return securities, non-callable for longer and in a company legally committed for five years to one of the most conservative capital distribution policies in the insurance and reinsurance industry. This is in contrast to the AXIS/PartnerRe transaction which will adopt one of the most aggressive capital distribution policies in the industry.
07:33 EDTAXSPartnerRe urges shareholders to demand ‘substantive’ answers from EXOR
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June 29, 2015
09:10 EDTAXSExor updates PartnerRe offer by expanding legally binding guarantee for the deal
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June 24, 2015
10:11 EDTAXSPartnerRe comments on 'continued misleading statements' by EXOR
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June 23, 2015
08:28 EDTAXSEXOR says offer for PartnerRe 'superior by all significant measures'
EXOR S.p.A., the largest shareholder of PartnerRe Ltd. (PRE), is entering the second week of meetings with PartnerRe analysts and investors to ensure the maximum clarity regarding its offer for PartnerRe shareholders. EXOR says it "has received a positive response for its offer and for the presentation of the merits, certainty and superiority of its $137.50 per share, all-cash binding offer. In the face of the compelling facts presented by EXOR, after having already disseminated false statements on the EXOR transaction not endorsed by Standard & Poor’s PartnerRe continues its irresponsible campaign of intentionally and inappropriately misleading its shareholders. The more the PartnerRe board misleads its shareholders on the merits of the EXOR offer the clearer it is that the inferior AXIS (AXS) transaction is short on substance and long on execution and integration risks for its shareholders, employees and clients. EXOR is soliciting common and preferred shareholders to vote AGAINST the proposed AXIS transaction at the upcoming Special General Meeting of PartnerRe shareholders to be held on July 24. This will enable PartnerRe to accept EXOR’s superior offer for the company."

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