SiriusPoint
stock tumbled after it was disclosed in a securities filing that investor Daniel Loeb “is no longer exploring” an acquisition of the insurance company.
SiriusPoint
(ticker: SPNT) and Loeb, the founder of hedge fund Third Point, “had exploratory discussions” through their advisors, but “have been unable to reach consensus on the value of a potential transaction,” according to the filing.
Loeb “has total confidence” that SiriusPoint’s management team is doing what is needed to position itself for long-term success by strengthening its balance sheet and improving its credit ratings, the filing continued.
In April, SiriusPoint acknowledged the indication of interest from Third Point in a statement. On Friday, the company said in a press release that it had formed a special committee to consider the acquisition proposals, but “ultimately, the Committee was unanimous in its belief that its current strategy is the best path to deliver enhanced long-term value for shareholders.”
Shares of SiriusPoint shed 9.1% to $9.05. The stock has risen 53% this year.
Write to Emily Dattilo at [email protected]
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