TD sees more delays for US$13.4B First Horizon acquisition - BNN Bloomberg

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Toronto-Dominion Bank’s US$13.4 billion acquisition of First Horizon Corp. may be delayed even more than the Canadian lender projected last month.

First Horizon, based in Memphis. Tennessee, was told by Toronto-Dominion that it doesn’t expect to receive the necessary regulatory approvals by May 27 — as it had projected early last month — and that it can’t provide a new projected closing date, according to a regulatory filing Wednesday.

“TD has initiated discussions with FHN regarding a potential further extension of the outside date,” First Horizon said in the filing. “There can be no assurance that an extension will ultimately be agreed or that TD will satisfy all regulatory requirements so that the regulatory approvals required to complete” the takeover.Toronto-Dominion is working on a major US expansion centered on the First Horizon deal, which would give it more than 400 new branches in the country and add more than 1.

The First Horizon deal has faced more opposition in Washington, with Senator Elizabeth Warren calling for regulators to block the deal.

 

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