PartnerRe has again urged its shareholders to vote for its planned merger with Axis Capital Holdings, while exchanging tit-for-tat accusations with hostile bidder Exor over allegedly misleading information.

Bermuda-based PartnerRe agreed in January to a share-swap deal with Axis to create a new reinsurance player capitalised at more than $US11 billion ($14.22 billion).

Exor, a holding company with a controlling stake in carmaker Fiat Chrysler, then made a $US6.4 billion ($8.28 billion) bid for PartnerRe, before increasing it to $US6.8 billion ($8.79 billion).

PartnerRe wants the Axis deal approved at its shareholders’ meeting on July 24, saying the Exor proposal is “inadequate on price and terms” and comes with “unacceptable risks”.

It says the Exor offer would not close this year and such a “protracted timeline” would expose PartnerRe to the risk of a failed transaction through the renewals period, “which could be highly damaging”.

However, Exor insists its offer is superior, and the two companies have released a series of statements, each accusing the other of providing misleading information over potential impacts on ratings.

PartnerRe says selling to Exor will result in a downgraded rating of preferred shares, but Exor says this assertion “has no merit and has not been endorsed by Standard & Poor’s”.

PartnerRe hit back immediately with a statement “correcting Exor’s misleading press release”.

“Notwithstanding Exor’s assertions, PartnerRe’s credit standing and ratings will be impacted by developments at Exor, and vice versa,” it said.

Exor again refuted PartnerRe’s claims, urging shareholders to vote against the Axis deal, therefore enabling Exor’s offer to proceed.