TD Bank’s acquisition of First Horizon Corp. may be delayed even more than the Canadian lender projected last month
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.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Toronto-Dominion is working on a major U.S. expansion centred on the First Horizon deal, which would give it more than 400 new branches in the country and add more than 1.1 million individual and business customers across 12 states, primarily in the Southeast. The bank also is bulking up its presence in U.S. capital markets with the US$1.3 billion acquisition of Cowen Inc., a deal that has received regulatory approvals and was on track to close Wednesday.
The First Horizon deal has faced more opposition in Washington, with Senator Elizabeth Warren calling for regulators to block the deal. “We believe that TD is ultimately still committed to the deal,” research firm United First Partners said in a note. “We think today’s selloff is largely overdone and would recommend buying into the weakness.”
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