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Toronto-Dominion Bank In Advanced Talks To Buy Cowen For More Than $1 Bln : Report

Canada's Toronto-Dominion Bank (TD.TO,TD) is in advanced talks to buy investment bank Cowen Inc. (COWN) for more than $1 billion, the Wall Street Journal reported on Monday citing people familiar with the matter.

The Journal said that an agreement could be announced as soon as Tuesday. The deal gives Cowen a value of $39 per share.

COWN closed Monday regular trading at $35.49 up $0.42 or 1.20%. In the after-hours trade, the stock further gained $3.21 or 9.04%.

Bloomberg reported in early July that TD Bank was studying a possible deal for Cowen.

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