PartnerRe's Stock Climbs After Exor Lifts Buyout Bid

Shares of reinsurer PartnerRe Ltd. climbed 1.7% in premarket trade Tuesday, after Italy's Exor raised its bid to buy the company by about 6% to $137.50 a share. The bid value PartnerRe at about $6.8 billion. Last week, PartnerRe rejected Exor's $130-a-share bid, that valued the company at $6.4 billion. Exor said the revised bid represents a 10% premium to the implied value of the agreement PartnerRe entered to be acquired by Axis Capital Holdings Ltd. . Axis's stock and Exor's U.S.-listed shares were still inactive in premarket trade.