** 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
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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