Toronto-Dominion Bank TDOPF

Noted: LB/TD bid process

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Barclays on Laurentian Bank Bidding Process

11:41 AM EDT, 07/28/2023 (MT Newswires) -- Thursday night media reports suggested that Scotiabank and TD have decided not to participate in the bidding process for Laurentian Bank. Barclay analyst John Aiken comments that "if true, this would likely lower the probability of a sale to less than 50%, as we believed TD (with its excess capital) and Scotia (desire to expand in the Quebec market) were two of the more compelling and motivated bidders for LB. "

Should a buyer of Laurentian eventually emerge, with the pool of suitors potentially dwindling, the chances of a bidding war for Laurentian Bank and driving a bid above book value, would "likely diminish."

Scotia and TD reportedly decide to participate in the bidding process for Laurentian: Last night, the Globe and Mail reported that, according to sources familiar with the matter, Scotia and TD have decided not to pursue a bid for Laurentian. Representatives for the three banks have declined to comment, Aiken writes.

Price: 40.16, Change: -3.51, Percent Change: -8.04