Italian holding company Exor sweetened its all-cash offer for Bermuda-based reinsurer PartnerRe ( to $6.8 billion after its previous attempt to trump a bid by Axis Capital Holdings was rejected.
Exor, the investment vehicle of the Agnelli family, said in a statement on Tuesday it had raised its all-cash offer by 5.8 percent to $137.5 per share. PartnerRe rejected Exor’s earlier $6.4 billion offer last week, arguing it undervalued the company.
Axis and PartnerRe agreed in January to create one of the world’s largest reinsurers and sweetened the deal last week by including a one-off cash dividend.
Full content: The Wall Street Journal
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