off-the-wire

First Horizon flags regulatory delay to TD Bank's $13.4 bln takeover

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 1 (Reuters) - Canadian lender Toronto-Dominion Bank's $13.4 billion acquisition of First Horizon Corp may get delayed further due to pending regulatory approvals, the U.S. bank said in a filing on Wednesday.


Last month, both banks had decided to extend the date of closing the transaction until May 27 from its previous February deadline following a delay from regulators on approval.


First Horizon informed that TD has initiated discussions with it on further extending the deadline for closing the transaction.


In an email to Reuters, TD informed that it remains committed to the transaction, but cannot comment further until Thursday, when the Canadian bank is expected to announce its earnings.


TD offered to buyout the Memphis-based bank in February 2022 as it sought to expand its footprint across the border, expecting a rapid population growth in the southeastern part of the United States.


Still, First Horizon is yet to confirm of TD satisfying all regulatory requirements for the pending deal.
(Reporting by Anirban Chakroborti in Bengaluru; Editing by Sherry Jacob-Phillips)

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