Tags: Piper | Jaffray | Takeover | Bid

Piper Jaffray Jumps on Report China Firm May Make Takeover Bid

Thursday, 01 March 2012 11:21 AM EST

Piper Jaffray Cos., the Minneapolis- based investment bank and asset manager founded in 1895, jumped the most in four months after Deal Reporter said the company may be sold to a Chinese securities firm.

Piper Jaffray advanced 3.8 percent to $25.52 a share at 9:50 a.m. in New York after rising as much as 9.8 percent earlier in the session, the biggest gain since Oct. 27. The firm is in exclusive discussions with the Chinese company, according to Deal Reporter, citing a person familiar with the matter. The report didn’t name the Chinese bidder.

A deal could include a takeover, buying a stake or forming a joint venture, Deal Reporter said. Jennifer Olson-Goude, a spokeswoman for Piper Jaffray, didn’t immediately respond to messages seeking comment.

Piper Jaffray reported a net loss last year of $102 million, or $6.51 per diluted common share, as revenue dropped 14 percent to $458 million. The firm, run by Chairman and Chief Executive Officer Andrew S. Duff, cited lower investment banking and institutional brokerage revenue.

The stock dropped 39 percent in 12 months through yesterday’s close, leaving the firm with a market value of about $492 million.


© Copyright 2025 Bloomberg News. All rights reserved.


192
2012-21-01
Thursday, 01 March 2012 11:21 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Newsmax2 Live
 
On Now:2:00p ET • National Desk
Coming Up:4:00p ET • Newswire
Get Newsmax Text Alerts

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© 2025 Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved