MBIA jumps on speculation of takeover talks with rivals (update)
Update 5:10pm: Updates to add Ambac says report isn't true.
- MBIA (NYSE:MBI) rose 10% on speculation that the company has been approached by its rivals for a takeover.
- Assured Guaranty (NYSE:AGO) and Ambac Financial (NYSE:AMBC) made bids for MBIA and the talks are said to be in advanced stage, according to a Street Insider item.
- Ambac said in a statement that the report is inaccurate and the company isn't engaged in any acquisition process with any financial guarantee business.
- The report comes after MBIA disclosed last month that it retained Barclays as an advisor to explore strategic alternatives, including a possible sale of the company.