Toronto-Dominion Agrees to Buy Commerce Bancorp
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Toronto-Dominion Bank, in the biggest foreign takeover by a Canadian lender, agreed to pay $8.5 billion for Commerce Bancorp Inc., the New Jersey company that ousted founder Vernon Hill three months ago.
Shareholders of Commerce, the state's largest bank, will get about $42.37 a share in cash and stock, or 6.6 percent more than yesterday's closing price, Toronto-Dominion said in a statement today. Toronto-Dominion shares fell the most in five years after the bank said the purchase will reduce profit in 2008 and 2009.