Rodman & Renshaw drops bid for Cowen Group

By Lisa Kerner

Charlotte, N.C., March 25 - Rodman & Renshaw Capital Group, Inc. announced it will no longer pursue a business combination with Cowen Group, Inc.

Current market conditions are to blame, according to Rodman & Renshaw.

In December, Cowen rejected an unsolicited acquisition proposal from Rodman & Renshaw to acquire Cowen, a New York investment bank, for $7 per share.

Rodman & Renshaw is a holding company based in New York. Its subsidiaries include investment bank Rodman & Renshaw, LLC, Rodman Principal Investments, LLC and Miller Mathis & Co., LLC.

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