PartnerRe Ltd. (PRE, Financial)(1.5%) (PRE – $138.88 – NYSE), is a global reinsurer based in Bermuda that provides multi line reinsurance to insurance companies. On January 26, 2015, the company announced that it would merge with AXIS Capital Holdings Limited in a transaction worth $5.3 billion. Under the terms of the transaction, PartnerRe shareholders would receive 2.18 shares of AXIS for each PartnerRe share they owned. On August 3, 2015, however, AXIS Capital’s rival, EXOR S.p.A, announced that they would be acquiring PartnerRe for $140.50 cash per share, or $6.9 billion. PartnerRe agreed to sell itself to EXOR, and closed its go-shop period on September 14, 2015. Upon receipt of shareholder and regulatory approvals, the company expects the transaction to close in the first quarter of 2016.
From Mario Gabelli (Trades, Portfolio)'s third quarter 2015 ABC Fund commentary.
