First Horizon stock tumbles 50% after TD Bank merger collapses | CNN Business

First Horizon and TD Bank have called off a $13 billion deal that would have formed America’s sixth-largest bank, adding to the turmoil sweeping the country’s regional lenders. Caught up in the worst banking crisis since 2008, First Horizon\n \n ’s share price has plunged about 40% over the past couple months, falling well below the $25 per share that TD offered when the takeover was announced in February 2022. The stock closed at $15.

TD said in a statement that the companies called off the merger because of an unexpectedly long regulatory approval process. Without a timetable for approval, the companies began to question whether the deal would get regulators’ blessing at all. TD said the regulatory issue was for “reasons unrelated to First Horizon.

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First Horizon stock plunges after merger deal with TD Bank is mutually terminatedFirst Horizon Corp. and TD Bank Group have mutually agreed to end their merger agreement, the companies announced Thursday morning. First Horizon shares were...
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Toronto-Dominion Bank, First Horizon Terminate Merger AgreementThe companies said the decision was made after TD Bank considered that obtaining the regulatory prerequisites wasn’t certain.
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