Ramius completes all-stock transaction to combine with Cowen Group

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Cowen Group, Inc. completed its business combination with Ramius LLC after shareholders approved the deal at a special meeting on Monday.

The new company will retain the Cowen Group, Inc. name, and its common stock will continue to trade on Nasdaq under the symbol "COWN," according to a Cowen news release.

Cowen said its Ramius business unit will operate the combined company's alternative investment management business, while the Cowen & Co. business unit will continue to run the company's investment banking franchise and its research and brokerage capabilities.

Peter A. Cohen, former founder and managing member of Ramius, will be chairman and chief executive officer of Cowen Group.

Greg Malcolm will remain CEO and president of Cowen & Co.

Morgan Stark, former Ramius managing member, will be CEO of Ramius' alternative investments, while Thomas Strauss, former Ramius managing member, will continue as CEO of the Ramius Fund of Funds Group.

Cowen's 10-member board of directors includes Cohen and Malcolm.

In June, Ramius and Cowen announced they would combine to form a diversified financial services company "positioned to take advantage of the significant opportunities resulting from the historic changes within the economy and the financial services sector."

As previously reported, Ramius, a privately owned alternative investment firm based in New York, was expected to own 71.24% of the new company, with Cowen, a New York investment banking company, owning the remaining 28.76%.

Under the companies' agreement, Ramius and an affiliate of a third-party investor in Ramius were to receive 37.54 million and 2.71 million shares, respectively, of Cowen common stock.

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