- Toronto-Dominion and First Horizon have agreed to a merger where TD will pay $25/share in cash to First Horizon shareholders.
- This deal would vault TD Bank to the #6 position in U.S. banking and add meaningful markets in the faster-growing Southeast region, including Tennessee and North Carolina.
- TD Bank management is expecting significant cost synergies from the deal, but there should be revenue synergy opportunities from fixed income trading and mortgage warehouse lending.
- TD Bank's offer seems to compensate First Horizon shareholders for a bull-case outcome for First Horizon, and looks like a very fair price.
For further details see:
TD Bank Sees The Potential And Strategy Value In First Horizon, And Pays Up To Get It