/C O R R E C T I O N -- Cowen Group, Inc./
03 11월 2009 - 12:56AM
PR Newswire (US)
In the news release, Ramius and Cowen Group Announce Completion of
Business Combination, issued 02-Nov-2009 by Cowen Group, Inc. over
PR Newswire, we are advised by the company that in the first
paragraph, first sentence, the tickers listed should read "Nasdaq:
COWN/COWND*", and a corresponding footnote should be added to the
end of the release. The complete, corrected release follows: NEW
YORK, Nov. 2 /PRNewswire/ -- Ramius LLC ("Ramius") and Cowen Group,
Inc. ("Cowen") (NASDAQ:COWN/COWND*) today announced that they have
successfully completed their business combination, following
today's approval of the transaction at a Special Meeting of
Stockholders and receipt of all necessary regulatory approvals. The
new company will retain the Cowen Group, Inc. name and the common
stock of the combined company will continue to trade on NASDAQ
under the symbol "COWN." Cowen Group, Inc. comprises two business
units, Ramius and Cowen and Company. The Ramius business unit will
operate the combined company's alternative investment management
business, and the Cowen and Company business unit will continue to
run the company's leading growth-oriented investment banking
franchise, as well as its research and brokerage capabilities.
Commenting on today's announcement, Peter A. Cohen, Chairman and
Chief Executive Officer of Cowen Group, Inc., stated, "We are
excited to announce the closing of this combination, which creates
a diversified financial services company with significant potential
for long-term growth and profitability. With an improved capital
position, increased scale, enhanced business opportunities and a
talented team of dedicated colleagues, Cowen Group is well
positioned to meet the diverse needs of our clients and customers
while creating value for our shareholders. We are confident that
together we have the right combination of resources to pursue our
vision and compete in today's market and beyond." Enhanced Growth
Opportunities The combination diversifies the company's revenue
profile, provides significant operating leverage and allows for
potential growth opportunities. As a part of the combined Cowen,
Ramius and Cowen and Company will be able to offer their respective
clients expanded services and leverage the combined professional
resources and relationship networks of each company to increase
product breadth and cross-selling opportunities. Mr. Cohen stated,
"Ramius and Cowen and Company have experienced teams and
complementary strengths that will enable the combined company to
take advantage of a wide variety of corporate finance and
investment opportunities. In addition to the opportunities we have
identified to grow Ramius's existing alternative investment
businesses and expand Cowen and Company's investment banking and
sales & trading platforms to include new verticals and
products, we anticipate offering clients customized investment
solutions and developing a fixed income sales, trading and
origination business." Mr. Cohen continued, "Our recent
announcement regarding the establishment of the Financial
Institutions Group is an example of how we plan to expand our
sector coverage in the Cowen investment banking division. In
addition, we believe that Ramius's existing investment expertise
and long-standing relationships in commercial real estate will
contribute to the development of a full vertical capability in the
REIT sector." The company also expects to achieve annual cost
savings through economies of scale, the elimination of overlapping
systems and other services and the combination of two
infrastructure teams and has formed a dedicated team focused on the
completion and realization of synergies. The company plans to
reinvest some of these cost savings in additional revenue
generating opportunities. Management Team & Corporate
Governance Peter A. Cohen, former Founder and Managing Member of
Ramius, will serve as Chairman and Chief Executive Officer of Cowen
Group, Inc. Greg Malcolm will remain Chief Executive Officer and
President of Cowen and Company. Morgan Stark, former Ramius
Managing Member, will be Chief Executive Officer of Ramius's
Alternative Investments, the internally managed alternative
investment fund business and Thomas Strauss, former Ramius Managing
Member, will continue to be Chief Executive Officer of the Ramius
Fund of Funds Group. Mr. Cohen, Mr. Malcolm, Mr. Stark, and Mr.
Strauss will serve on Cowen's newly formed Executive Committee. The
Company has also formed a combined Operating Committee consisting
of business unit and infrastructure leaders, as well as a dedicated
Investment Committee responsible for reviewing all strategic and
firm-wide capital commitment decisions. Cowen's Board of Directors
is composed of 10 members, including: Peter A. Cohen, Chairman and
Chief Executive Officer, Cowen Group, Inc.; Jules Kroll, President,
JEMKroll Group, Founder of Kroll, Inc. and Chairman, K2 Global
Partners; Greg Malcolm, Chief Executive Officer and President,
Cowen and Company; Jerome Markowitz, Senior Partner, Conifer
Securities LLC; Jack Nusbaum, Chairman, Willkie Farr &
Gallagher LLP; L. Thomas Richards, M.D., Physician, UCSF Medical
Center; Edoardo Spezzotti, Senior Executive Vice President,
Unicredit; John Toffolon, Jr. Board of Directors, Westway Group,
Inc.; Charles Wardell, III, Senior Client Partner, Korn/Ferry; and
Joseph Wright, Chief Executive Officer, Scientific Games Corp.
About Cowen Group, Inc. Cowen Group, Inc. is a leading diversified
financial services firm providing alternative investment
management, investment banking, research, and sales and trading
services through its business units, Ramius and Cowen and Company.
Its alternative investment management products include hedge funds,
fund of funds, real estate funds, healthcare royalty funds, cash
management and commodity trading funds, offered primarily under the
Ramius name. Cowen and Company offers industry focused investment
banking for growth-oriented companies, domain knowledge-driven
research and a sales and trading platform for institutional
investors. Founded in 1918, the firm is headquartered in New York
and has offices located in major financial centers around the
world. Cautionary Notice Regarding Forward-Looking Statements This
press release contains forward-looking statements. Forward-looking
statements provide the Company's current expectations or forecasts
of future events. Forward-looking statements include statements
about the Company's expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not
historical facts. Forward-looking statements are subject to known
and unknown risks and uncertainties and are based on potentially
inaccurate assumptions that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. The Company's actual results could differ materially
from those anticipated in forward-looking statements for many
reasons, including the factors described in the sections entitled
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations of Ramius" in the
registration statement on Form S-4 of Cowen Group, Inc. (f/k/a
LexingtonPark Parent Corp.), as filed with the Securities and
Exchange Commission, and in the sections entitled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in the Annual Report on Form 10-K of
Cowen Holdings, Inc. (f/k/a Cowen Group, Inc.) and its Quarterly
Reports on Form 10-Q, as filed with the Securities and Exchange
Commission. These documents are available [at our website at
http://www.cowen.com/ and can also be found] at the Securities and
Exchange Commission website at http://www.sec.gov/. Unless required
by law, the Company undertakes no obligation to publicly update or
revise any forward-looking statement to reflect circumstances or
events after the date of this press release. * Pursuant to NASDAQ
regulations, Cowen Group, Inc. will trade under the symbol "COWND"
for twenty (20) trading days, after which time it will again trade
under the symbol "COWN." DATASOURCE: Cowen Group, Inc. CONTACT:
Media, Dan Gagnier, Kara Findlay, or Chris Kittredge, all of Sard
Verbinnen & Co, +1-212-687-8080; or Media, Jean Calleja,
+1-646-562-1888, or Investors, Chris White, +1-646-562-1197, all
for Cowen Group, Inc. Web Site: http://www.cowen.com/
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