Canadian lender Toronto-Dominion Bank‘s $13.4bn takeover of US-based First Horizon could get even more delayed due to pending regulatory approvals.
After a delay from authorities on approval, both banks had already chosen to postpone the transaction’s completion date from its original February deadline to 27 May 2023.
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First Horizon has revealed that TD initiated talks with it to further extend the deadline for completing the merger, which was announced in February 2022.
In a stock filing, First Horizon said: “Subsequent to the extension, TD recently informed FHN that TD does not expect that the necessary regulatory approvals will be received in time to complete the pending TD Merger by 27 May 2023 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.
“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.”
In an email to Reuters, TD said that it remains committed to completing the transaction.
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By GlobalDataThe acquisition, which forms part of TD’s US growth strategy, is expected to bring over one million consumer, business, and commercial clients that are served through a network of over 400 branches.
Last month, the US arm of the Canadian bank announced a $50bn community benefits plan aimed at underserved communities.
