Why Shares of Cowen Popped Today

Shares of the investment bank Cowen (NASDAQ: COWN) have surged nearly 25% as of 10:45 a.m. ET today after media outlets reported that Toronto-Dominion Bank (NYSE: TD) is considering an acquisition of the company.

Citing anonymous sources, Bloomberg recently reported that TD has met with advisors to consider purchasing Cowen. The sources also added that a formal decision has not been made yet.

The deal, however, would not be entirely surprising, as TD has made it quite clear that it wants to expand its already large presence in the U.S. CEO Bharat Masrani has said publicly numerous times that the bank is willing to put excess capital to work through acquisitions.

Source Fool.com