Ramius and Cowen Group to Merge

June 4, 2009

Ramius LLC and Cowen Group, Inc. (Nasdaq: COWN) announced an agreement to combine their businesses to create a diversified financial services company. 

Ramius LLC (“Ramius”) and Cowen Group, Inc. (“Cowen”) (Nasdaq:COWN) announced the execution of transaction agreements to combine their businesses to create a diversified financial services company.  The resulting combined company will retain the Cowen Group, Inc. name and will continue to trade on NASDAQ under the ticker symbol “COWN”, with Ramius becoming the investment advisory subsidiary of Cowen.  As a result of the transaction, Ramius and an affiliate of a third party investor in Ramius will receive 71.24 percent of the common stock of the new company on a fully diluted basis and Cowen shareholders will own approximately 28.76 percent.  The transaction is subject to Cowen stockholder approval, regulatory approval and other customary closing conditions and is expected to close in the fourth quarter of 2009.  After the closing, the combined company’s headquarters will remain in New York and it will have approximately 578 employees.  Ramius is a privately-owned global alternative investment firm with approximately $7.7 billion of assets under management, with offerings that include onshore and offshore hedge funds, fund of funds, real estate funds and managed accounts.  Cowen is a publicly-traded provider of investment banking, equity research, sales and trading and alternative asset management services to companies and institutional investor clients.  For more information, read the Cowen press release. To see the transaction agreements, go to [link to Edgar document] for the exchange agreement and to [link to Edgar document] for the agreement and plan of merger. 


Categories

Hedge Fund M&A, Investment Manager M&A, Transactions