Press Release

Morgan Lewis Advises Investment Bank Dahlman Rose & Company in Sale to Cowen Group

Monday, February 4, 2013

PHILADELPHIA, February 4, 2013: Diversified financial services firm Cowen Group, Inc. and privately held investment bank Dahlman Rose & Company, LLC announced Friday, February 1, the signing of a definitive agreement under which Cowen will acquire Dahlman Rose. The financial terms of this all-stock transaction were not disclosed. The boards of directors of both companies approved the definitive agreement and the transaction is expected to close by the end of the first quarter of 2013, subject to customary closing conditions and regulatory approval.

New York-based Dahlman Rose is a research-driven investment bank specializing in the energy, metals and mining, transportation, chemicals and agriculture sectors. New York-based Cowen provides alternative investment, investment banking, research and sales and trading services through its two business segments: Ramius and its affiliates make up Cowen's alternative investment segment, while Cowen and Company is its broker-dealer segment.

Morgan Lewis served as legal adviser to Dahlman Rose on the transaction. The deal team was led by Business & Finance partner Barbara Shander and included Business & Finance associates Kevin Shmelzer, Jared Zane and Joseph Valane. Also providing regulatory advice were Investment Management and Securities Industry partner John Ayanian and of counsel Mary Dunbar and Tax partner Richard Zarin.