BUZZ-SiriusPoint falls after pricing of secondary stock offering

Shares of insurer SiriusPoint SPNT.N down 2.5% at $14.22 premarket

SPNT late on Tuesday announced pricing of secondary offering of ~4.1 million shares by entities associated with billionaire investor Daniel Loeb

Stock offering priced at $14 apiece, a 4% discount to the stock's last close

Loeb, who runs hedge fund Third Point, had mulled taking the insurer private in 2023 before scrapping the plan

Months later, Loeb and SPNT entered into a standstill agreement, whereby the billionaire agreed not to make a takeover proposal or acquire more than 9.5% stake in the company

SPNT also agreed to repurchase 500,000 shares in the secondary offering at the offer price

Jefferies was the sole bookrunning manager for the offering

Loeb entities will own about 9.5% of SPNT after the offering, with the remaining stake subject to a 90-day lock-up period

SPNT stock down 11% YTD