FHN - First Horizon pares gain as TD Bank CEO reiterates talks on deal extension opened
2023-04-20 10:10:10 ET
- First Horizon ( NYSE: FHN ) pared an earlier gain and ticked lower as the CEO of TD Bank ( NYSE: TD ) reiterated that the bank opened discussions with First Horizon on a deal extension.
- TD ( TD ) CEO Bharat Masrani he will update investors on the First Horizon ( FHN ) deal when he can, he commented at TD's annual meeting.
- The comments come after Masrani reiterated his commitment to completing the acquisition of First Horizon ( FHN ) at a meeting with Bank of America last Wednesday.
- First Horizon shares dropped 11% on March 1 after TD Bank ( TD ) said it didn't expect to receive regulator approval in time to complete its $13.4 billion acquisition by t he May 27 deal termination deadline. TD said at the time that it had initiated discussions with First Horizon ( FHN ) regarding a potential further extension of the outside date.
- Last week a KBW analyst said that TD ( TD ) was "very likely" to seek a price reduction for its planned $13.4 billion acquisition of First Horizon ( FHN ) given recent events in the U.S. banking sector.
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First Horizon pares gain as TD Bank CEO reiterates talks on deal extension opened