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French bank eyeing deal?
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February 10, 1998: 4:10 p.m. ET
Societe Generale will acquire Cowen & Co. for $550M-$600M, report says
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NEW YORK (CNNfn) - Societe Generale, a top-tier French commercial bank, has reportedly agreed to acquire New York investment bank Cowen & Co. for between $550 million and $600 million - nearly four times Cowen's book value.
Societe Generale apparently won the bidding war for Cowen after two rival suitors, Toronto-Dominion Bank and Bank Boston Corp., gave up chase, according to a report Tuesday in The Wall Street Journal Interactive Edition.
Officials at Cowen and Societe Generale did not return calls Tuesday to their New York Offices.
The Journal, quoting "people familiar with the matter" said an official announcement is expected by the end of the week.
The report said a few issues remained outstanding, including the size of Cowen's employee retention pool and an agreement on which of Cowen's nonpartners and nonmanaging directors would be included.
Cowen, founded in 1918, is a privately-held research and investment banking firm, with peripheral specialties in technology, health care, telecommunications and media/entertainment research. The company employs 1600 people in 16 offices in the U.S., Canada, Europe and Asia.
Societe Generale has made overtures to other U.S. Securities firms in recent months, including a bid for Robertson Stephens & Co., subsequently acquired by BankAmerica Corp.
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