Cowen Shares Rise Premarket on Report TD Bank Deal Near
02 Agosto 2022 - 12:18PM
Dow Jones News
By Colin Kellaher
Shares of Cowen Inc. rose more than 5% in premarket trading
Tuesday after The Wall Street Journal reported that the investment
bank is near a deal to be acquired by Toronto-Dominion Bank for
more than $1 billion.
TD Bank could announce a deal valuing Cowen at around $39 a
share as early as Tuesday, the Journal reports, citing people with
the matter.
That would represent a roughly 10% premium to Monday's closing
price of $35.49 for New York-based Cowen but is shy of the stock's
52-week high of $40.86 reached nearly a year ago.
Cowen shares were recently changing hands at $37.31, up 5.1%, in
premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 02, 2022 06:03 ET (10:03 GMT)
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