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TD Bank’s First Horizon acquisition dealt heavy blow after merger partner warns of regulatory issues

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In a filing, U.S.-based First Horizon disclosed that TD said it does not expect to get the required regulator approvals to complete the deal before May 27, when the agreement is set to expire

Toronto-Dominion’s prospects of closing a major acquisition in the United States took a hit Wednesday after its merger partner, First Horizon Corp., disclosed that the two banks are struggling to receive regulatory blessings in a timely manner.recently told its management team that TD does not expect to get the required regulatory approvals in time to complete the deal before May 27, which is when their merger agreement is set to expire.

First Horizon’s shares dropped 14 per cent in early morning trading to US$21.43. TD agreed to pay US$25 per share in a deal worth US$13.4-billion. “We view this as a negative development for TD’s U.S. growth strategy,” BMO Nesbitt Burns analysts Sohrab Movahedi wrote in a research note to clients.

 

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TD sees more delays for US$13.4B First Horizon acquisition - BNN BloombergToronto-Dominion Bank’s US$13.4 billion acquisition of First Horizon Corp. may be delayed even more than the Canadian lender projected last month.
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