Regulatory Approval Uncertainty
The banks revealed that the Deal was called off due to clarity regarding if and when they would receive the necessary regulatory approvals to close the transaction.
Termination Agreement Terms
As part of the termination agreement, Toronto-Dominion Bank Group will pay First Horizon $200 million, according to the banks' joint statement.
LATEST: First Horizon Corp. has agreed to terminate its merger with TD Bank Group, resulting in a 36% drop in its stock price.
— Paryte (@Parytecom) May 4, 2023
