SiriusPoint strikes standstill pact with billionaire investor Loeb to thwart acquisition try
Global specialty re/insurer SiriusPoint has sealed a standstill agreement with its largest shareholder and activist investor Daniel Loeb following his failed attempt to take the company private earlier this year.
The agreement provides that Loeb will not, subject to certain limited exceptions, make a take-over or purchase proposal for the company or acquire more than 9.5% of the outstanding shares of SiriusPoint or an amount of ownership requiring regulatory approval.
Furthermore, the agreement ensures that Loeb would not take any action in support of or make any proposal with respect to controlling, changing or influencing the SiriusPoint’s management, business, capitalisation or corporate structure.
SiriusPoint CEO Scott Egan said: “We welcome the standstill agreement as a strong signal of support for the progress we are making towards creating long term value in our business and for our shareholders.
“Our recent half year results were an important evidence point of our strategy and our progress so far, and we are focused on building on that momentum. I would like to take this opportunity to thank our employees, business partners, and customers for their continued support.”
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