![]() ![]() The median days elapsed between announcement and close for those transactions was 326 days. bank deals with an announced value of at least $2 billion during that time frame, most faced hurdles such as increased regulatory scrutiny, delays and prolonged closing timelines, but they all eventually received regulators' sign off. The TD-First Horizon deal is the last deal left pending from a wave of large U.S. "Regulatory approval is not within the bank's control." "We believe that we will not be able to close this transaction by that date," TD Group President and CEO Bharat Masrani said. TD executives reiterated that belief on the company's March 2 earnings call. The companies have initiated discussions regarding another extension, but TD cannot provide First Horizon a projected closing date, the Form 10-K stated. ![]() But now, just three weeks after agreeing to the extension, the companies are not confident about that May 27 outside date.įirst Horizon disclosed i n a March 1 Form 10-K filing that TD does not expect to receive the necessary regulatory approvals in time to complete the pending deal by May 27. 27 for the deal that was originally announced over one year ago. Toronto-Dominion Bank is unsure when it will close its acquisition of First Horizon Corp., leaving the companies negotiating again just weeks after extending their merger agreement.Īt the beginning of February, Toronto-Dominion Bank, or TD, and First Horizon agreed to extend the outside date of their merger agreement to May 27 from Feb. ![]()
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