Skip to content
Business

First Horizon Tumbles on TD’s Delayed $13.4 Billion Takeover

  • Bank told by Canada’s TD that approvals not expected by May 27
  • Likelihood of deal not being completed has risen, analyst says
A Toronto-Dominion (TD) bank in downtown Montreal, Quebec, Canada, on Thursday, April 28, 2022. The bank’s $13.4 billion acquisition of First Horizon Corp. may be delayed even more than the Canadian lender projected last month.

A Toronto-Dominion (TD) bank in downtown Montreal, Quebec, Canada, on Thursday, April 28, 2022. The bank’s $13.4 billion acquisition of First Horizon Corp. may be delayed even more than the Canadian lender projected last month.

Photographer: Christinne Muschi/Bloomberg
By

Updated on

Toronto-Dominion Bank’s $13.4 billion acquisition of First Horizon Corp. may be delayed even more than the Canadian lender projected last month. Shares of the Memphis, Tennessee-based bank slumped.

First Horizon was told by Toronto-Dominion that it doesn’t expect to receive the necessary regulatory approvals by May 27 — as it had projected in early February — and that it can’t provide a new projected closing date, according to a regulatory filing Wednesday.