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Cowen jumps on report Toronto-Dominion bank said to weigh potential purchase

Jul. 01, 2022 4:20 PM ETThe Toronto-Dominion Bank (TD), TD:CABy: Joshua Fineman, SA News Editor12 Comments

TD (Toronto–Dominion Bank) office in downtown financial district in Toronto, Canada.

JHVEPhoto/iStock Editorial via Getty Images

  • Cowen Inc. (NASDAQ:COWNsoared 15% in after hours trading on a report that Toronto-Dominion Bank (NYSE:TD) is considering making an offer for the brokerage firm.
  • The Toronto-based bank is working with advisors to analyze a potential deal for the broker, according to traders, who cited a Bloomberg report. No final decision has been made.
  • Cowen has a market cap of just over $700 million.
  • Recall late April, Cowen stock jumped after Q1 earnings top Wall Street expectations,

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Comments (12)

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smokyy profile picture
cown risky, if anyone sells OPY will, be worth $65 now $33, much better counter cyclical business, and rates popping as will OPY shares!
ffnorth profile picture
With almost 20% short interest, I can't wait until the open on Tuesday.
Cowen generated a lot of fees from SPAC deals. TD can help them find a way to replace that revenue while subsidizing the costs. Sounds like a fun rainy day project during a bear market!
paularowland0413 profile picture
I own TD, and I can tell you I am perplexed with this move. They bought Ameritade, which became TDAmeritrade, which bought ScotTrade. Then sold TDAmeritrsde to Schwab a couple of years ago and now they are considering buying a brokerage firm. I am trying to understand it. Maybe it's the deep discount bargain.
I agree
Corporate Governance Cowboy profile picture
This would make about as much sense as a wool raincoat… which probably means that it is true
@Corporate Governance Cowboy Why does it not make sense??
dirt cheap, smart move
@Jon Bobolia maybe a bidding war?
@SwFlaguy Cowen offers very little in the form of assets under management. TD wants it as a way to get a US based mid-tier research firm to expand its product line. There will be no bidding war. Firms like Cowen a dime a dozen. And most takeovers of this type after 2 years-when the targets principals and key employees can fully cash out leave less to be desired-which will result in layoffs . In businesses such as this , the true value rides up and down in the elevator every day.
@Sane Man Mid-tier research? TD already has that...
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