On Wednesday a Janney analyst said he still expected the deal would close later this year, especially as "FHN does not have many alternatives better than TD," Janney analyst Christopher Marinac wrote. "We are doing what is prudent and appropriate we've open discussions with First Horizon about a potential additional extension." "Regulatory approval is not within the banks control," Masrani said on the conference call. ![]() Elizabeth Warren (D-MA) sent a letter to the Office of the Comptroller of the Currency, asking the regulator to block the transaction over concerns about aggressive sales tactics. lawmakers in June asked a banking regulator to block Toronto-Dominion's ( TD) planned $13.4 billion acquisition. First Horizon Corporation is a bank holding company based in Memphis, Tennessee. "This is a great transaction that offers scale and new capabilities for the U.S. "TD is fully committed to the transaction and we are in discussions with First Horizon about a potential further extension beyond May 27 th," Masrani said in a statement on Thursday with the Q4 results. For most of 2023, Canadian investors have speculated whether Toronto-Dominion Bank (US:TD, CA:TD) would follow through with its 13.4 billion takeover of Tennessee-based First Horizon Corp. TD has initiated discussions with First Horizon regarding a potential further extension of the outside date, according to the 10-K filing. "We'll we've just initiated the negotiations and, you know, once the negotiations are finalized, you know, we will be sure to give you further details," Masrani said on the call in an answer to analyst's question if a price change is a possibility.įirst Horizon ( FHN) dropped 10% on Wednesday after it disclosed that TD Bank ( TD) said it didn't expect to get regulatory approval for its deal before a May 27 closing deadline. First Horizon Advisors is the trade name for wealth management products and services provided by Bank and its affiliates. "I can tell you that we are fully committed to the transaction," Masrani said. TD Bank ( TD) CEO Bharat Masrani said pushing the date back for the First Horizon ( FHN) deal is "prudent" as regulator approval is not within its control, he commented on TD Bank's Q4 earnings call. Update 2:30pm: Adds comments from TD CEO in Q&A portion of call.įirst Horizon ( NYSE: FHN) dipped 1% as TD Bank's ( NYSE: TD) CEO said the company is "committed" to completing the $13.4 billion acquisition, though he didn't deny that a price change could be a possibility. ![]() BalkansCat/iStock Editorial via Getty Images
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