PartnerRe Ltd. (1.6%) (PRE – $139.74 – NYSE) (PRE, Financial), is a Bermuda based global reinsurance company. On January 26, 2015, the company announced that it would merge with AXIS Capital Holdings Limited in a transaction worth $5.3 billion. In early April, investment company EXOR S.p.A., offered to acquire PartnerRe for $130 per share in cash. On August 3, 2015, PartnerRe eventually agreed to sell to EXOR S.p.A for $140.50 cash per share, or $6.9 billion. The company has received the required shareholder vote, and upon receipt of regulatory approvals, the company expects the transaction to close in the first quarter of 2016.
From Mario Gabelli (Trades, Portfolio)'s ABC Fund Merger and Arbitrage shareholder letter for the fourth quarter 2015.
