By Colin Kellaher

Shares of Cowen Inc. rose more than 5% in premarket trading Tuesday after The Wall Street Journal reported that the investment bank is near a deal to be acquired by Toronto-Dominion Bank for more than $1 billion.

TD Bank could announce a deal valuing Cowen at around $39 a share as early as Tuesday, the Journal reports, citing people with the matter.

That would represent a roughly 10% premium to Monday's closing price of $35.49 for New York-based Cowen but is shy of the stock's 52-week high of $40.86 reached nearly a year ago.

Cowen shares were recently changing hands at $37.31, up 5.1%, in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 02, 2022 06:03 ET (10:03 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Toronto Dominion Bank (TSX:TD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024 Click Here for more Toronto Dominion Bank Charts.
Toronto Dominion Bank (TSX:TD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024 Click Here for more Toronto Dominion Bank Charts.