Ticonderoga Breaks Off Gerova Talks
Broker-dealer Ticonderoga Securities said today [Feb. 25] it has ended merger talks with reinsurer Gerova Financial following the suspension in trading of the Bermuda reinsurer’ stock by the New York Stock Exchange.
Earlir this week the NYSE halted trading in Gerova shares saying it was evaluating the need for further disclosures and the suitability of the reinsurer’s continued listing. In December, the diversified Bermudian financial services company announced it had completed deals to buy both New York-based Ticonderoga Securities and London-based investment bank Seymour Pierce. The move follows reports that Seymour Pierce’s merger talks with Gerova are in jeopardy and that the London bank and brokerage firm might independently pursue a takeover of Ticonderoga Securities
