First Horizon, TD decide to call off merger pact

TD claims that they are unable to obtain a timetable for regulatory approvals for its proposed acquisition of First Horizon, noting that it is for reasons unrelated to the latter. Both banks have agreed to mutually terminate the merger pact though TD will make a $200 million cash payment to First Horizon in addition to a $25 million reimbursement fee.

For some context, TD was supposed to enter the US regional banking space with a $13 billion acquisition Acquisition An acquisition is defined as a company or entity acquiring or taking possession or securing property, services, or abilities. In finance, this acquisition generally deals with certain elements of business such as property clients, technology, etc., that a company embarks on to ultimately taking ownership or possession of.These types of deals can be very important for shareholders and by extension stock prices, creating abrupt jumps in prices for acquired companies.Why do Companies Rely on Acqui An acquisition is defined as a company or entity acquiring or taking possession or securing property, services, or abilities. In finance, this acquisition generally deals with certain elements of business such as property clients, technology, etc., that a company embarks on to ultimately taking ownership or possession of.These types of deals can be very important for shareholders and by extension stock prices, creating abrupt jumps in prices for acquired companies.Why do Companies Rely on Acqui Read this Term of First Horizon. But for its own sake, perhaps it is best that this crashed and burned. In any case, the shares of First Horizon are now down some 36% in US pre-market. Ouch.