PartnerRe Rejects Exor's Offer, Says It Will Merge With Axis

May 4, 2015 4:22 PM

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PartnerRe is rejecting an offer from Italian investment company Exor, saying it will go ahead with its combination with competitor Axis Capital.

PartnerRe Ltd. and Axis Capital Holdings Ltd. had agreed to a all-stock deal that valued the combined company at $11 billion. PartnerRe's shareholders will get a little more than half that total.

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