(Adds details, background) MILAN, July 20 (Reuters ) – Exor has raised the value of the offer for PartnerRe announcing a special dividend of $ 3 per share to common shareholders of US companies, to be distributed before the closing of the transaction. The coupon is added to the cash proposal of $ 137.50, bringing to $ 140.50 per share cash consideration Total of Exor to common shareholders. The meglioramento offer, said in a statement, further widens the difference in value compared to the operation with Axis as “the rise of the special dividend announced on July 16 recognizes the shareholders of PartnerRe less than $ 1 per share of incremental value taking into account the exchange ratios ( …), the decline in tangible book value is of PartnerRe both Axis in the second quarter of 2015, and costs related to the increase of 100 basis points of the dividend for preferred shares of PartnerRe. “ Exor added the extraordinary dividend “in order to reward shareholders PartnerRe against the planned upgrading of ‘ Exor operation by the beginning of 2016 “, explains the note stating that” when presented its binding proposal last May, Exor assumed that the extraordinary meeting of PartnerRe would be held in June and that the transaction would occurred in the fourth quarter of 2015 “. Exor adds not believe that the Internal Revenue Service (IRS) will preference shares in the offer of exchange proposal as a “listed transaction” or “prohibited tax shelter” based on “fast-pay stock”. The company “remains committed to providing all the improvements on such shares of PartnerRe.” The key event is the 7th of August when there will be the meeting of PartnerRe on the proposal for Axis. A history of the event can be viewed by clicking on 17.07.15 on More …
No comments:
Post a Comment