TD Takes A $225 Million Bath On First Horizon As South-of-the-border Deal Goes South
FHN stock is down almost 40% on Thursday as investors react to something that’s been long-expected In what is the least surprising turn of events in North American banking, Toronto-Dominion Bank (TSE:TD) and Tennessee-based First Horizon (NYSE:FHN) have mutually agreed to call off their $13.4 billion transaction. In mid-March, a Fintel article wondered how TD could proceed with the First Horizon deal at the originally agreed-upon price. Today, we have the answer. It can’t. And it will pay First Horizon $225 million for its trouble. Exuding Confidence TD CEO Bharat Masrani had publicly remained...