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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US regional bank stocks fall for second day as First Republic failure weighsShares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank , the largest U.S. bank failure since the 2008 financial crisis.
Source: Reuters - 🏆 2. / 97 Read more »

Regional bank stocks drop for second day after First Republic failureSome investors are also concerned about the long-term impact of the JPMorgan deal for First Republic.
Source: nypost - 🏆 91. / 67 Read more »