First Horizon Shares Crash After TD Bank Deal “Terminated”

• First Horizon Shares Crash After TD Bank Deal “Terminated”
  by Tyler Durden, https://www.zerohedge.com/
  First Horizon Corp. shares crashed in premarket trading after Toronto-Dominion Bank published a statement outlining how a deal to purchase the Memphis-based bank has been “terminated.” The announcement comes after multiple regional banking failures.
  –
  The lenders said they both “entered into a mutual agreement” to terminate their originally announced merger agreement, announced on February 28, 2022. TD said it “does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon. Because there is uncertainty as to when and if these regulatory approvals can be obtained, the parties mutually agreed to terminate the merger agreement.”
  –
  Under the terms of the termination agreement, Canada’s second-biggest bank will make a $200 million cash payment to First Horizon on top of a $25 million reimbursement payment. 
  –
  read more.

end