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

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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