Activist Sandell Scolds PartnerRe Board for Shunning Exor
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Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, said PartnerRe Ltd. directors hurt shareholders by pushing a merger with Axis Capital Holdings Ltd. rather than talks with a hostile bidder.
“We will not hesitate to exercise the rights available to us to hold the board accountable,” Tom Sandell said in a letter Friday to Jean-Paul Montupet, the chairman of Bermuda-based PartnerRe.