SHAREHOLDERS TO VOTE ON AXIS-PARTNERRE DEAL ON FRIDAY

Shareholders are set to vote on PartnerRe’s planned merger with Axis Capital on Friday, amid expectations the deal will collapse after three proxy recommendations for PartnerRe shareholders to vote against the deal. KBW analyst Meyer Shields has said the lack of share price movement could be a sign the deal is still potentially to happen, despite the verdicts of the proxy recommendations. Insurance Day has reported Shields as saying the lack of increase in PartnerRe’s share price towards Exor’s cash offer of $140.50 per share left open some doubts as to whether the vote on August 7 will go in Exor’s favour. “It’s interesting that stocks are still trading slightly below the $140 range. I would have expected it to be a little closer if it was the conclusion the investors were going to take the cash,” he said. Shields said Axis Capital is unlikely to up its offer before the vote. Axis shareholders are likely to vote in favour of the merger so as not to risk incurring the break-up fee.