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

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First Horizon and TD Bank call off $13 billion deal that would have formed America's sixth-largest bank

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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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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