TD Bank rejects a merger with First Horizon, citing regulatory approval delays

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A USD 13.4 billion merger between Toronto-Dominion Bank (TD Bank) in Canada and First Horizon in the US has been abandoned due to difficulties in obtaining the required regulatory approvals.

The companies claim that TD Bank has been “unable to obtain a timetable for regulatory approvals for reasons unrelated to First Horizon”. Consequently, the merger, which was first announced on February 28, 2022, has been mutually terminated, and TD Bank has agreed to pay First Horizon USD 200 million in cash.

In accordance with the terms of the proposed merger, First Horizon is also entitled to a USD 25 million fee reimbursement.

Read More: TD Bank nixes First Horizon merger citing regulatory approval delays

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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