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Exor raises offer for PartnerRe to $137.5 per share

Eszter Szepessy | iStock / 360 | Getty Images

Italian holding company Exor has raised its all-cash offer for Bermuda-based reinsurer PartnerRe to $137.5 per share after its previous attempt to trump a bid by Axis Capital Holdings was rejected.

Exor said the offer values PartnerRe at $6.8 billion and represents a 10 percent premium to the implied value under the Axis agreement.

Exor, the investment vehicle of the Agnelli family, previously offered $130 per PartnerRe share. The company is now PartnerRe's largest shareholder with a 9.32 percent stake, it added.