Skip to content

Toronto-Dominion Bank Explores Takeover of US Brokerage Cowen

  • TD working with advisers to study deal, no final decision made
  • New York-based Cowen has market value of about $805 million
Interest Rates May Drag On Canadian Banks As RBC Cuts Targets
Photographer: Christinne Muschi/Bloomberg
Updated on

US brokerage firm Cowen Inc. rose the most in over two years after people familiar with the matter said Canadian lender Toronto-Dominion Bank is weighing a deal.

Cowen rose 20% to $28.94 at 9:55 a.m. in New York trading Tuesday, valuing the firm at about $805 million. That was its biggest gain since March 2020.