Cowen, CEFC China withdraw, re-file joint voluntary notice to CFIUS
Cowen Inc. and CEFC China Energy Company Limited announced that they have withdrawn and re-filed their joint voluntary notice to the Committee on Foreign Investment in the United States to permit more time for review and discussion with CFIUS in connection with the proposed acquisition by CEFC China of a common stock interest representing approximately 19.9% of Cowen's outstanding common shares for an aggregate purchase price of approximately $100M contemplated by the Stock Purchase Agreement signed by the parties on March 29, 2017. Pursuant to the Stock Purchase Agreement CEFC China has also agreed to provide Cowen with $175M in debt financing concurrently with the closing of the Equity Investment. The acceptance of the refiling of a joint voluntary notice by CFIUS will trigger a new 30-day review period, which may be followed by an additional 45-day investigation period. Cowen and CEFC China are continuing to work diligently to satisfy the closing conditions under the Stock Purchase Agreement, including CFIUS clearance, and plan to continue to actively engage in further discussions with CFIUS during its review. There can be no assurances, however, that CFIUS will ultimately agree to clear the transaction. In addition to CFIUS clearance, the closing of the proposed transaction remains subject to the receipt of certain regulatory and government approvals and the satisfaction of other customary closing conditions. As a result of the refiling of the joint voluntary notice to CFIUS, the parties are now targeting a closing of the Equity Investment and Debt Financing by the end of the fourth quarter of 2017, subject to the receipt of the required regulatory approvals.