Italy's Exor S.p.A., a European-listed investment company controlled by the Agnelli family, launched a rival bid for PartnerRe Ltd. valuing the reinsurer at $6.4 billion.

The $130 per share cash offer potentially scuttles PartnerRe's merger plans with Axis Capital Holdings Ltd.

“Exor's all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the Amalgamation Agreement between PartnerRe and Axis Capital Holdings,” based on the average of Axis' closing prices for the 10 days ending on April 13, 2015, Exor said in a statement.

Exor said its premium, all-cash offer can be completed on a friendly basis and potentially more expeditiously than the Axis merger, according to the statement.

“Compared to the all-share combination with Axis, it provides PartnerRe shareholders with superior value and greater certainty since it is all cash, fully financed and does not require a capital increase by Exor nor a vote by its shareholders,” according to the statement.

Exor also made reference to “retention of management and PartnerRe brand” in its announcement.

Exor was an original minority investor in PartnerRe when it was formed in 1993, according to the statement.”

“We strongly admire the PartnerRe business and its people,” John Elkann, chairman and CEO of Exor, said in the company's statement. “Our proposal provides superior value for PartnerRe shareholders with the certainty of a cash offer. It also represents a great opportunity for the company's management and employees to continue to develop PartnerRe's outstanding potential as a leading global reinsurer with our committed and stable ownership.”

In late January, Axis and Partner announce an $11 billion merger to create the world's fifth largest reinsurer.

In statement responding to Exor's offer, PartnerRe said: "Consistent with its fiduciary duties, the PartnerRe board of directors will review the Exor proposal to determine the course of action that it believes is in the best interests of PartnerRe and its shareholders. The board will announce its position regarding the Exor proposal following its review, which will be completed in due course."