M&A · Financials · Security Brokers, Dealers & Flotation Companies
Toronto Dominion Bank to acquire Cowen Inc.
Announced Aug 2, 2022 · Closed Mar 1, 2023
Deal value$1.90B
Premium62.2%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$39.00 per share
Transaction
- Acquirer
- Toronto Dominion Bank (TD)
- Target
- Cowen Inc.
- Buyer type
- Strategic
- Offer price per share
- $39.00
- Enterprise value
- —
- Status
- Closed Mar 1, 2023
Deal protections
- Break fee (target pays)
- $42.3M · 2.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Ardea Partners
Sector context · Financials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 62.2% vs. 33.9% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 2.2% vs. 3.6% sector median
Timeline
- AnnouncedAug 2, 2022
- Proxy filedSep 27, 2022
- Definitive proxyOct 11, 2022
- Shareholder voteNov 15, 2022
- ClosedMar 1, 2023
Valuation · fairness opinions
Discounted cash flow$34.00$44.00
Future share price$19.00$32.00
Precedent transactions$38.00$61.00
Precedent transactions$37.00$79.00
Premiums paid$31.00$38.00
Offer $39.00
Implied value per Cowen Inc. share by analysis, from Ardea Partners · DCF discount rate 10.5%–11.5%.