MILAN , August 3 (Reuters) – Exor has reached an agreement to buy all shares in PartnerRe $ 6.9 billion, after the decision of the same PartnerRe to resolve the merger agreement with Axis Capital and delete the ‘meeting of 7 August for approval.
The Exor said in a statement, adding that the group will purchase the shares of the reinsurer to $ 137.5 cash plus a special dividend of $ 3.
The agreement provides for a period of “go shop”, during which the board of PartnerRe will have the right to solicit and evaluate any competing bids that Exor, starting any negotiations before the September 14, 2015.
The transaction with Exor requires the approval of the extraordinary PartnerRe, which will be convened soon.
The transaction is expected no later than the first quarter of 2016.
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