Did the book purchased from Kobo get downloaded directly to the Touch? If so it is a kepub. That means you need to have the other Touch logged into the same Kobo account. Then it will download.
The alternative is to go to the Kobo site and log into the account. Then go into the library for the account and find the book. There should be a download link for the epub version. You can download that and sideload it to the other Touch,
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