Investment bank Rodman & Renshaw Capital Group Inc.'s offer to buy Cowen Group Inc. for about $100 million was rejected Monday.

Rodman offered $7 a share, split evenly between cash and stock, on Dec. 2, the firm said in a statement. Cowen said the combination probably would not make the companies stronger and would distract them during the "current challenging environment."

The share prices of the two investment banking boutiques, whose offices are steps away from each other on New York's Avenue of the Americas, have been battered this year.

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