Cowen Shares Rise Premarket on Report TD Bank Deal Near

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 [e-mail]

(END) Dow Jones Newswires

08-02-22 0603ET