By Connor Hart
Cowen Inc. shares rose more than 21% after it was reported July 1 that Toronto-Dominion Bank is considering an acquisition of the New York-based brokerage firm.
Toronto-Dominion Bank, a Canadian bank that has been expanding through acquisitions, is working with advisers to study a possible acquisition, but no decision has been made, Bloomberg reported.
Cowen's stock closed July 1 at $24.04 and is currently trading at $29.26. The company's share price is down about 20% for the year.
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(END) Dow Jones Newswires