Key facts
- Perella Weinberg shares fell 16.3% to $13.48.
- Piper Sandler shares rose 5%.
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. The companies were unable to agree on financial and personnel matters, according to the report. 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, 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.