PWP Perella Weinberg Partners - Ordinary Shares - Class A

Perella Weinberg Partners and Piper Sandler have ended negotiations over an all-stock merger that would have created an independent investment banking firm with a combined market capitalization of approximately $6 billion. According to the Financial Times, talks collapsed after weeks of negotiations due to disagreements over financial terms and employee retention arrangements. Perella Weinberg shares fell 19% before the market close following the announcement, reversing gains triggered by merger speculation last month. A key obstacle was the inability to secure binding, multi-year retention agreements with enough of PWP's top bankers, highlighting the challenges of retaining talent in advisory-focused businesses where client relationships and revenue generation drive valuations. Piper Sandler, valued at approximately $5 billion, sought to expand its global advisory presence. $PWP $PIPR $EVR

$PWP is estimated to report earnings tomorrow before the open. I used Stock Meadow’s earnings dashboard to review its history: PWP has beaten EPS estimates in 4 of its last 8 reports.