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 closed 19.1% lower at $13, while those of Piper Sandler ended up 0.96% at $64.5.
The companies were unable to agree on financial and personnel matters, The FT reported.
The Wall Street Journal had reported last month that Piper Sandler was in talks to buy
Perella Weinberg, which had a market value of about $1.4 billion at the time.
Perella Weinberg declined to comment on the FT report, while Piper Sandler did not immediately respond to a Reuters request for comment.
A $485-million merger between Minneapolis-based Piper Jaffray and New York-based Sandler O'Neill led to the formation of Piper Sandler Companies in January 2020, creating a major investment bank specializing in the middle market, with leading advisory practices in financial services, healthcare and energy.
Meanwhile, Perella Weinberg was founded by veteran Wall Street bankers Joseph Perella, Peter Weinberg and Terry Meguid in 2006. The firm went public in 2021 through a merger with a blank-check company backed by banking entrepreneur Betsy Cohen, in a deal valued at about $975 million.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Diti Pujara)
