Hedge Fund Ramius LLC and Cowen (COWN) To Merge
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Hedge fund Ramius LLC and investment bank Cowen Group, Inc. (Nasdaq: COWN) signed an agreement to combine.
Under the terms of the agreement, Ramius and an affiliate of a third party investor in Ramius will receive 37.54 million and 2.71 million shares, respectively, of Cowen common stock, representing 71.24 percent of the new company on a fully diluted basis. Cowen shareholders will own approximately 28.76 percent of the new company. The exchange ratio was determined based on the relative book values of Ramius and Cowen as of December 31, 2008. As of March 31, 2009, the new company would have had
a combined book value of over $450 million, including investible assets and cash of approximately $380 million, and minimal debt.
The new company will retain the Cowen Group, Inc. name and its shares are expected to continue to trade on NASDAQ under the ticker symbol "COWN" upon consummation of the transaction.
Ramius is a privately-owned global alternative investment firm with approximately $7.7 billion of assets under management invested across a range of alternative investment vehicles.
Cowen is an established provider of investment banking, equity research, sales and trading and alternative asset management services to companies and institutional investor clients.
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