Toronto-Dominion Bank’s $13.4 billion deal to buy First Horizon shows that chief executives are pushing ahead in their quest to compete more effectively. But they are adding tweaks to adjust for the risk of getting snared in red tape, writes johnsfoley:
TD Bank on Feb. 28 said it had agreed to buy First Horizon for $13.4 billion in cash, or $25 per share. The Canadian lender is the ninth biggest U.S. bank by assets, according to Federal Reserve data, while Memphis-based First Horizon is the 37th biggest.
The combined bank would have $614 billion of assets, the companies said, with 2,600 branches. Executives said on a call with analysts that they had no plans to close any branches following the merger. While the companies expect the merger to close by Jan. 31, 2023, First Horizon shareholders will get an extra cash payment if the deal takes longer, equivalent to $0.65 per share on an annualized basis.A man wearing a protective face mask walks by TD Bank in the financial district, as the provincial phase 2 of reopening from the coronavirus disease restrictions begins in Toronto, Ontario, Canada June 24, 2020.
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