PartnerRe Ltd. (PRE) announced that it closed the acquisition of 100% of the outstanding common shares of Paris Re Holdings Ltd., pursuant to the approval by Paris Re's shareholders, governed by Swiss law, of Paris Re into a wholly-owned subsidiary of PartnerRe.
As a result of the successful merger vote and completion of the merger, each remaining Paris Re common share not already owned by PartnerRe has been exchanged into the right to receive 0.3018 PartnerRe common shares. This is the same exchange ratio of 0.30 PartnerRe common shares for each Paris Re common share offered to Paris Re common shareholders in prior purchases, as adjusted for the payment of PartnerRe's dividend to its common shares on December 1, 2009 in accordance with the terms of the Transaction agreement dated July 4, 2009.
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