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Sandell Asset Management Takes PartnerRe To Task Again

Activist fund Sandell Asset Management is still bashing PartnerRe Ltd. for not taking the $6.8 billion takeover offer from EXOR SpA. The deal would break PartnerRe's plans to merge with AXIS Capital. 

Per a Sandell letter, he notes, “We believe that the board is doing this in order to protect the AXIS transaction, in disregard of the shareholders’ best interests,” Chief Executive Officer Thomas Sandell wrote to PartnerRe in a letter Thursday. “We find this action egregious in today’s corporate environment of increased shareholder engagement.”

The PartnerRe shareholder vote is set for July 24 on the merger with Axis. EXOR is pushing shareholders to vote against the deal and is offering to boost the dividend on PartnerRe preferred shares by 1 percentage point if it wins the bidding.