UPDATE 1 — Perella Weinberg, Piper Sandler abandon merger talks, FT reports
(Updates with details throughout) Oct 14 (Reuters) — Investment bank Piper Sandler and advisory firm Perella Weinberg Partners have abandoned talks for an all-stock merger, the Financial Times reported on Wednesday, citing people familiar with the matter. Shares of Perella Weinberg fell 16.3% to $13.48 after hitting a session low of $13.14, while those of Piper Sandler rose 5%. The companies were unable to agree on financial and personnel matters, FT reported. Last month, the Wall Street Journal reported that Piper Sandler was in talks to buy Perella Weinberg, which had a market value of about $1.4 billion at the time. Piper Sandler, a middle-market investment bank with advisory businesses across financial services, healthcare and energy, was formed in January 2020 by combining Piper Jaffray and Sandler O’Neill. Perella Weinberg and Piper Sandler did not immediately respond to Reuters requests for comment. (Reporting by Pragyan Kalita in Bengaluru; Editing by Diti Pujara) ((Pragyan.Kalita@thomsonreuters.com;)
(Updates with details throughout) Oct 14 (Reuters) — Investment bank Piper Sandler and advisory firm Perella Weinberg Partners have abandoned talks for an all-stock merger, the Financial Times reported on Wednesday, citing people familiar with the matter. 14, while those of Piper Sandler rose 5%. The companies were unable to agree on financial and personnel matters, FT reported. 4 billion at the time.
Piper Sandler, a middle-market investment bank with advisory businesses across financial services, healthcare and energy, was formed in January 2020 by combining Piper Jaffray and Sandler O’Neill. Perella Weinberg and Piper Sandler did not immediately respond to Reuters requests for comment. com;)