Canada's Toronto-Dominion Bank is in advanced talks to buy U.S. boutique investment bank and brokerage Cowen Inc for more than $1 billion, a source familiar with the matter said.
A formal announcement could come as soon as Tuesday for a deal that would see TD Bank pay $39 per share for New York-based Cowen. This would be a premium to the $35.49 price at which Cowen's stock closed on Monday.
The source spoke on condition of anonymity to discuss confidential information. Cowen and TD did not immediately respond to requests for comment.TD's buyout of Cowen would be its second announced U.S. acquisition this year. In February, TD agreed to buy First Horizon Corp
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