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Stock Market & Financial Investment News

News Breaks
June 23, 2014
09:05 EDTAXSAXIS Capital COO jack Gressier to retire, effecgtive June 30, 2015
AXIS Capital Holdings Limited announced that Jack Gressier, COO, has provided notice of retirement effective June 30, 2015, so that he may spend more time with his family. Effective immediately, Gressier’s current responsibilities will be distributed among Peter Wilson, CEO of AXIS Insurance; Christopher DiSipio, CEO of AXIS Accident & Health; and Richard Strachan, Chief Operations Officer. Wilson and DiSipio will now report directly to Albert Benchimol, President and CEO of AXIS Capital. Strachan will assume responsibility for both ceded reinsurance and broker relationship management, and he will continue to report to Benchimol. The company does not intend to replace Gressier.
News For AXS From The Last 14 Days
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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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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 bid...at a higher valuation," as the more attractive option. Reference Link

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