Market Movers First Horizon Corp. (FHN-N) plummeted after revealing it has been informed by Toronto-Dominion Bank that the necessary regulatory approvals for its pending merger will not be received by the May 27 termination date and “that TD cannot provide a new projected closing date at this time.”
“TD has initiated discussions with FHN regarding a potential further extension of the outside date,” it said in a 10-K regulatory filing. “There can be no assurance that an extension will ultimately be agreed or that TD will satisfy all regulatory requirements so that the regulatory approvals required to complete the Pending TD Merger will be received.”
TD is set to close first-quarter earnings season for Canadian banks on Thursday before the bell.