Shares of SiriusPoint (NYSE: SPNT), an underwriter of insurance and reinsurance providing solutions went down in pre-market trading at the time of writing on Friday after activist investor Dan Loeb stated in an SEC filing that he was “no longer exploring” the acquisition of SRPT.
The filing stated that through ” their respective advisors, [they] have had exploratory discussions, they have been unable to reach consensus on the value of a potential transaction.”
Loeb currently has around a 9.3% stake in SiriusPoint and owns around 15.2 million shares. The investor had stated last month that he was exploring taking the company private.
SPNT stock has soared by more than 60% in the past year.
