MBIA jumps on speculation of takeover talks with rivals (update)

Dec. 08, 2022 5:09 PM ETMBIA Inc. (MBI), AGO, AMBCBy: Joshua Fineman, SA News Editor44 Comments

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.