TD Bank and First Horizon cancel $13.4B merger, causing stock market turmoil.
TL;DR
TD Bank and First Horizon have terminated their merger agreement due to a lack of clarity on regulatory approvals. TD will pay First Horizon $200 million on top of a $25 million reimbursement fee. The merger would have made TD the sixth-largest bank in the US by assets. The termination could have broader repercussions for TD's future partnerships and deployment of excess capital.
Topics:businessfinance#finance#first-horizon#merger-deal#regulatory-approvals#td-bank#termination-agreement
- TD Bank and First Horizon call off US$13.4-billion merger deal Financial Post
- First Horizon CEO on why the $13.4 billion deal with TD Bank collapsed CNBC Television
- First Horizon stock tumbles after TD Bank merger collapses CNN
- If not a hero, TD Bank CEO Masrani is able to say no. That will be his legacy Toronto Star
- Stock Market News: First Horizon, TD scrap deal, PacWest shares tank, Apple earnings Fox Business
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