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TD Bank signs $1.3B deal to acquire Cowen to step up U.S. growth strategy

Aug. 02, 2022 7:11 AM ETThe Toronto-Dominion Bank (TD)SCHWBy: Liz Kiesche, SA News Editor5 Comments

TD Bank logo in front of their headquarters for Montreal, Quebec. Also known as Toronto Dominon Canada Trust, it is one of the main Canadian banks

BalkansCat/iStock Editorial via Getty Images

TD Bank (NYSE:TD) confirms on Tuesday an agreement to buy Cowen (NASDAQ:COWN), a New York-based financial services firm, in an all-cash transaction valued at US$1.3B that will accelerate the Canadian

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Comments (5)

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2whiteroses profile picture
What's to become of COWN's outstanding debt such as COWNL? Proxy doesn't appear to mention whether it's to remain outstanding as is or be assumed.
@2whiteroses doesn’t need to mention it do they?
2whiteroses profile picture
@Fain2018 By "need" if you mean "required," I'm not sure... However, the COWNL prospectus appears to me to imply there are two possible outcomes in a change of control situation...Automatic call under change of control is not an option however, I would say it is normal that an acquisition does define how outstanding debt issues and/or preferred issues will be treated.... TD is an investment grade company and COWN is not.... If the debt is assumed, it's a positive event and will probably lead to a call at earliest allowable date 6/15/23. If it's not assumed and Cowon remains outstanding as a legal entity, then it's possible the issued could go dark because of Rule 15c2-11. That'd be a negative...
windyhill profile picture
TD. This will be a nice tuck-in for TD Securities. COWN was buying back its own shares at $34.06 in Q1. Excellent growth rate compared to its peers in the US.
TD has my support here with this acquisition. Go TD Go.
JunkBondage profile picture
Nicely done, Solly! This was a $2 stock 10 or 12 years ago, I recall.
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