NEW YORK (TheStreet) -- Shares of PartnerRe Ltd. (PRE) are gaining by 2.20% to $136.38 in pre-market trading on Tuesday morning, after the European investment company EXOR increased its takeover bid for the international reinsurance and insurance group ultimate holding company to $137.50 per share in cash, valuing PartnerRe at $6.8 billion.
EXOR's move is an attempt to beat out rival Axis Capital Holding (AXS) for control of PartnerRe, Bloomberg reports.
Exor's binding offer of $137.50 per share represents a 10% to the implied value of the $125.17 per PartnerRe share under the revised Amalgamation Agreement between PartnerRe and Axis, the company said in a statement.
"EXOR's binding offer clearly delivers superior and certain value for PartnerRe shareholders, and provides a more attractive outcome for the company's employees and clients. We hope the PartnerRe Board agrees and does the right thing. In any event, we believe PartnerRe shareholders deserve the opportunity to choose our offer and, in order to do so, we urge them to vote against the inferior AXIS transaction," John Elkann, EXOR CEO said in a statement.
Separately, TheStreet Ratings team rates PARTNERRE LTD as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PARTNERRE LTD (PRE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, notable return on equity and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."