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Big Law

Canada’s TD Bank Calls Off $13.4 Billion Deal to Acquire First Horizon Corp

Canada’s Toronto-Dominion Bank Group called off its $13.4 billion acquisition of First Horizon Corp on Thursday, triggering a drop of around 40% in the U.S. regional bank’s shares in premarket trading.

First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement.

TD’s biggest deal to date, which it launched more than a year ago, had faced months of regulatory uncertainty and Canada’s No. 2 lender came under pressure from some investors to scrap the purchase after the U.S. regional banking crisis.

Read the source article money.usnews.com

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