Axis Won't Improve on its Offer for PartnerRe, According to Sources -Reuters

Axis Capital Holdings won't raise its offer for PartnerRe PRE and believes its proposal of $132 per share in stock, plus a special dividend of $11.50 per share, is superior to the $137.50 all-cash offer from Italy's Exor Spa EXOSF, according to sources as reported by Reuters on Sunday. Spokespersons for Axis and PartnerRe declined comment. Exor is PartnerRe's largest shareholder, with a 9.32% stake. PartnerRe closed Friday at $134.23, a gain of $0.14.