VOYA Stock Hits Record High, Tops $100 For The First Time Ever – Report Says Voya Financial Has Been ‘Fielding’ Takeover Interest

• The report stated that neither Voya's management nor its board is actively seeking a transaction despite the interest.
• Last month, activist investor TOMS Capital urged the company to explore strategic alternatives, including a potential sale.
• The activist investor has previously pushed for deals at Kellanova and Kenvue before those companies agreed to acquisitions.

Voya Financial (VOYA) hit a record high above $100 on Thursday after a Semafor report said the company had been “fielding” takeover interest, including an offer from competitor Principal Financial (PFG). 

VOYA’s stock rose over 5% at market open to hit a record high of $103.85, its first time above the $100 mark, before paring some of the gains. 

On Stocktwits, retail sentiment around the company remained in ‘neutral’ territory over the past day, accompanied by ‘high’ levels of chatter.

Activist Investor TOMS Capital Has Pushed For A Sale

The financial services company, focused on retirement and workplace benefits, has recently been under pressure from activist investor TOMS Capital to sell. Last month, the firm sent a letter to Voya Financial stating that the board had failed to oversee management and that the company had been underperforming. It had asked the board to open a formal review into all strategic alternatives, including the sale of the company. 

"As we have said from the outset, Voya is an exceptional franchise with talented and dedicated employees," TOMS Capital said in a statement responding to the report. "Today's media reports further reinforce our long-held view that Voya's Board of Directors must fulfill its fiduciary duty under Delaware law by engaging constructively with any and all interested parties to maximize value for shareholders."

In 2024, TOMS Capital acquired a stake in Kellanova, which reportedly led to Mars’s $36 billion acquisition of the firm. It also pushed for change at Tylenol's parent, Kenvue, which agreed to be acquired by Kimberly-Clark in a deal announced in November last year.

VOYA Stock Rallies On Buyout Report

According to the report, people familiar with the matter stated that neither management nor the company’s board is seeking to transact. It added that Principal Financial expressed interest earlier this year, but nothing came of the approach. 

PFG’s interest in VOYA predated TOMS Capital’s activist campaign. Voya manages about $350 billion in assets, while Principal manages around $770 billion. VOYA’s stock has gained over 30% this year and nearly 40% in the last 12 months. 

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Editor's Note: The story has been updated to reflect TOMS Capital Investment Management's statement.