(Reuters) - PartnerRe Ltd's (N:PRE) second-biggest shareholder said Exor SpA's (MI:EXOR) $6.4 billion (4.2 billion pounds) all-cash offer for the Bermuda-based reinsurer was "much superior" to the all-share deal it agreed with rival Axis Capital Holdings (N:AXS) in January.
"We weren't happy with the terms of (the Axis) deal and we had expressed that to the company," Franklin Mutual Advisers LLC (FMA) Chief Executive Peter Langerman told Reuters on Thursday.
FMA owns a 4.75 percent stake in PartnerRe as of Dec. 31, according to Thomson Reuters data.