First Horizon stock plunges after merger deal with TD Bank is mutually terminated

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First Horizon Corp. and TD Bank Group have mutually agreed to end their merger agreement, the companies announced Thursday morning. First Horizon shares were...

First Horizon Corp. FHN and TD Bank Group TD CA:TD have mutually agreed to end their merger agreement, the companies announced Thursday morning. First Horizon shares were plummeting 45% in premarket trading after the announcement. “TD informed First Horizon that TD does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon,” the companies said in a release.

“TD informed First Horizon that TD does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon,” the companies said in a release. “Because there is uncertainty as to when and if these regulatory approvals can be obtained, the parties mutually agreed to terminate the merger agreement.” TD plans to make a $200 million cash payment to First Horizon in accordance with their termination agreement.

 

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