Perella Weinberg, Piper Sandler Abandon Merger Talks, FT Reports

3-line summary

• Investment bank Piper Sandler and advisory firm Perella Weinberg Partners have called off all-stock merger talks after failing to agree on financial and personnel terms, people familiar with the matter told the Financial Times. The talks were first reported last month, when Perella Weinberg's market value was about $1.4 billion.
• Shares of Perella Weinberg (PWP) fell 19.1% to close at $13, while Piper Sandler (PIPR) rose 0.96% to close at $64.50. Perella Weinberg declined to comment; Piper Sandler did not immediately respond.

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