PartnerRe Reportedly Open To Acquisition Talks With Exor
Jul 29 15
PartnerRe Ltd. (NYSE:PRE) is willing for negotiations of a potential merger with Exor S.p.A. (BIT:EXO) which initially offered $130 per share for PartnerRe in April 2015. Since then, Exor has increased its offer several times and is now offering $6.7 billion for PartnerRe. PartnerRe has reached out to Exor in recent days to schedule discussions, the people said this week. Exor, however, is waiting for PartnerRe's board to formulate and propose the terms of a potential agreement, one of the people added. Exor has said repeatedly that it would not go hostile by launching a tender offer for the PartnerRe shares.
PartnerRe Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 27 15
PartnerRe Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, total revenues were $1,192,520,000 against $1,658,018,000 a year ago. Loss before taxes and interest in losses of equity method investments was $111,032,000 against income before taxes and interest in earnings of equity method investments of $347,307,000 for the same period in the last year. Net loss attributable to the company’s common shareholders was $103,093,000 or $2.16 per diluted share against net income attributable to the company’s common shareholders of $257,657,000 or $5.02 per diluted share a year ago. Operating earnings attributable to the company’s common shareholders were $112,494,000 or $2.35 per diluted share against $133,508,000 or $2.60 per diluted share a year ago. Net cash provided by operating activities was $118 million against $142 million a year ago. Annualized Operating ROE was 7.5%.
For the six months, total revenues were $2,651,809,000 against $3,171,242,000 a year ago. Income before taxes and interest in earnings of equity method investments was $220,569,000 against $716,435,000 for the same period in the last year. Net income attributable to the company’s common shareholders was $128,640,000 or $2.64 per diluted share against $553,316,000 or $10.64 per diluted share a year ago. Operating earnings attributable to the company’s common shareholders were $263,030,000 or $5.39 per diluted share against $310,418,000 or $5.97 per diluted share a year ago. Net cash provided by operating activities was $257 million against $221 million a year ago. Book value per common share was $127.24 at June 30, 2015, up 0.8% compared to $126.21 at December 31, 2014. Tangible book value per common share was $115.90 at June 30, 2015, up 1.0% compared to $114.76 at December 31, 2014. The increases were primarily driven by net income, which was partially offset by common and preferred dividend payments. Annualized Operating ROE was 8.5%.
PartnerRe Ltd. Declares Quarterly Dividend, Payable on September 1, 2015
Jul 27 15
PartnerRe Ltd. announced that its Board of Directors has declared a dividend of $0.70 per common share. The dividend will be payable on September 1, 2015, to common shareholders of record on August 7, 2015.
PartneRre Ltd. Announces Special Dividend
Jul 22 15
PartnerRe Ltd. and Axis recently enhanced their merger terms, with an increase to USD 17.50 per common share in the one-time, special cash dividend payable to each holder of record of PartnerRe common shares immediately prior to the closing of the amalgamation between PartnerRe and Axis Capital.
PartnerRe Ltd. Announces Special Pre-Closing Dividend
Jul 20 15
EXOR S.p.A. announced that PartnerRe Ltd.'s Common Shareholders will receive a special pre-closing dividend of $3.00 per share in connection with the EXOR transaction. This dividend will be in addition to EXOR’s confirmed $137.50 per share all-cash offer, bringing EXOR’s total all-cash consideration to $140.50 per share for Common Shareholders. EXOR has added the $3.00 per share special dividend to compensate PartnerRe shareholders for the expected closing of the EXOR transaction in early 2016.