TD Pulls $13.4 Billion First Horizon Purchase, Leaves US Bank in Limbo

Reuters2023-05-05

May 4 (Reuters) - Canada's Toronto-Dominion Bank Group on Thursday called off its $13.4 billion takeover of First Horizon Corp, triggering a 33% fall in the U.S. regional bank's shares.

First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement.

TD's biggest deal to date, which it launched more than a year ago, had faced months of regulatory uncertainty and Canada's No. 2 lender came under pressure from some investors to scrap the purchase after the U.S. regional banking crisis.

A spokesperson for First Horizon said the termination was solely related to TD, which was unable to get approvals, and had nothing to do with ongoing banking turmoil.

First Horizon CEO Brian Jordan told investors that TD informed the U.S. bank that they "could not provide an updated timeline for an extension and they could not produce assurance of regulatory approval in 2023 of 2024."

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