MILAN, July 7 (Reuters) - Italian holding company Exor said on Tuesday it had improved the terms of its offer for PartnerRe as it seeks to convince the reinsurer’s shareholders to vote against a rival bid from Axis Capital Holdings.
Exor said that should PartnerRe not be obliged to pay a fee to terminate its merger agreement with Axis, the Italian holding company would pay out a corresponding amount to PartnerRe shareholders, increasing the value of its offer for the Bermuda-based reinsurer to $143.89 per share from $137.50.
The Italian company also said it would provide PartnerRe investors with a “go shop” provision, allowing them to solicit bids from third parties after signing with Exor until Aug. 31 to give them assurance that its own offer “remains the superior alternative for the company”.
Exor added it would commit to launch an exchange offer for PartnerRe preferred shares after closing of the merger, with improved economic features.
Reporting by Agnieszka Flak