EXOR confirms that PartnerRe preferred shareholders will receive a total cash payment of approximately $42.7 millionFebruary 17, 2016
As contemplated in the merger agreement signed by EXOR and PartnerRe on August 2nd, 2015, EXOR confirms that subsequent to the closing of the acquisition of PartnerRe, preferred shareholders of record will receive a cash payment of approximately $42.7 million, in the aggregate (equal to $1.25 per preferred share).
The payment was due in case the United States Internal Revenue Service (IRS) did not grant its ruling on an exchange offer for preferred shareholders with enhanced terms (amounting to 100 basis point increase in the current dividend rate and an extended redemption date). On February 16th, 2016, the IRS indicated that such ruling will not be granted.
The payment will be funded through the existing financing facilities put in place for the acquisition of PartnerRe and is subject to the closing of the transaction, which is expected to occur in the current fiscal quarter.
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