Cowen Deal Spread Leaves 1.06% Of Upside To Toronto-Dominion Deal Closing
Summary
- The Toronto-Dominion Bank is buying Cowen for $39 in cash per share.
- The acquirer is a huge Canadian bank and the target is a small U.S. player.
- I expect this merger to close as planned.
- With the shareholder vote out of the way, the acquisition could close quickly.
- The annualized return could be very attractive if the deal does close quickly but moderates if it takes longer.
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