TD, First Horizon Terminate $13.4 Billion Takeover
by: James Bradshaw; Tim Kiladze
Toronto-Dominion Bank (TD) and First Horizon have terminated TD’s proposed $13.4 billion takeover of the latter. TD warned in early March that it was struggling to receive regulatory approvals in a timely manner. U.S. President Joe Biden has asked for a broad review of competition rules, and the banking sector has been specifically targeted because so few deals have been blocked in recent history. The timing of the termination is troublesome for First Horizon. U.S. regional lenders are under intense scrutiny and a number have already either failed or been taken over because they were about to go under.
Read the full article on Toronto Globe and Mail