FHN - TD Bank First Horizon end $13.4B merger

2023-05-04 06:59:44 ET

• TD Bank Group ( TD ) and First Horizon ( FHN ) on Thursday ended their previously announced merger agreement due to uncertaintly over TD obtaining regulatory approvals for the transaction more than a year after the two companies agreed to the deal.
• Under the terms of the termination agreement, TD ( TD ) will make a $200M cash payment to First Horizon ( FHN ). That's in addition to the $25M fee reimbursement due to First Horizon under the agreement. The banks said Thursday's termination of the deal was by mutual agreement.
• The shares of First Horizon Series G preferred stock that TD Bank ( TD ) purchased will continue to reflect a conversion price of $25 per share. Neither party will pay any other fees or have any other liablities to each other related to the merger agreement.
• TD Bank ( TD ) first agreed to acquire First Horizon ( FHN ) in February 2022 for $13.4B in cash.

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