Perella Weinberg and Piper Sandler abandon merger talks
PWP•Piper Sandler and Perella Weinberg Partners abandoned talks for an all-stock merger after they could not agree on financial and personnel terms. Perella Weinberg shares fell 19.1% to $13, while Piper Sandler shares rose 0.96% to $64.50.
1. Merger talks end
Piper Sandler and Perella Weinberg Partners abandoned talks for an all-stock merger because they could not agree on financial and personnel terms, a person familiar with the matter said.
2. Shares move in opposite directions
Perella Weinberg shares closed down 19.1% at $13, while Piper Sandler shares ended up 0.96% at $64.50. Perella Weinberg declined to comment, and Piper Sandler did not immediately respond to a request for comment.
3. Firms’ backgrounds
Piper Sandler was formed in January 2020 through a $485 million merger between Piper Jaffray and Sandler O’Neill. Perella Weinberg went public in 2021 through a merger with a blank-check company in a deal valued at about $975 million.
