PartnerRe previously announced that it had entered into agreements to acquire 77 percent, and had previously acquired approximately 6 percent, of Paris Re’s outstanding common shares.

In these transactions, PartnerRe offered the same exchange ratio of 0.30 PartnerRe common shares for each Paris Re common share.

Now, PartnerRe said it will not start the voluntary exchange offer, noting that Paris Re has agreed to call a shareholder vote on a merger following the close of the block purchase in October.

Through this merger, PartnerRe would acquire the remainder of Paris Re’s shares, after the block purchase, at the 0.30 exchange ratio.

The merger would become effective in December 2009 and must be approved by at least 90 percent of all outstanding Paris Re voting rights. If 90 percent do not vote in favor of the merger, or if the merger is not effective on or prior to January 31, 2010, the original transaction structure will be reinstated, PartnerRe said.