Canada's Toronto-Dominion Bank Group on Thursday called off its $13.4 billion takeover of First Horizon Corp , triggering a near 40% fall in the U.S. regional bank's shares.
First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement.
A spokesperson for First Horizon said the termination was solely related to TD, which was unable to get approvals, and had nothing to do with ongoing banking turmoil. "This could affect the willingness of potential partners to sit across the table from TD in the future," Aiken added. "We believe TD shareholders will be concerned about the bank's ability to deploy excess capital into the U.S. market given regulatory headwinds that could persist for the foreseeable future," KBW analyst Mike Rizvanovic said.
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