"While we cannot address all of the false rumours and speculation in the market, we want to be clear that this is not in any way related to TD's good faith dealings with our customers," a TD Bank spokesperson said in a statement. The fact that regulatory approvals weren't able to be obtained by May 27 did not relate in any way to First Horizon," Jordan said on the call.Ī TD Bank spokesperson said the bank can't comment on its confidential discussions with regulators. The banks said Thursday's termination of the deal was by mutual agreement.Īs recently as April 13, TD Bank ( TD) CEO Bharat Masrani had said the bank was committed to completing the acquisition of First Horizon ( FHN) as the process for obtaining regulatory approvals dragged on.įirst Horizon ( FHN) CEO Bryan Jordan said on a company conference call on Thursday morning that regulators' issues with the deal were unrelated to First Horizon ( FHN). That's in addition to the $25M fee reimbursement due to First Horizon under the agreement. Under the terms of the termination agreement, TD ( TD) will make a $200M cash payment to First Horizon ( FHN). Earlier in the session, FHN had dropped as much as 40% and had sunk by half during premarket hours. Update 4:15pm: Updates shares, adds TD comment.įirst Horizon ( NYSE: FHN) stock tumbled 33% in Thursday afternoon trading after it and TD Bank Group ( NYSE: TD) ended their previously announced merger agreement with uncertainty over obtaining regulatory approvals looming more than a year after the two companies agreed to the deal. Edgar Hernandez wences/iStock Editorial via Getty Images
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