TD Bank Terminates Merger Deal With First Horizon

(RTTNews) - TD Bank Group (TD) and First Horizon Corporation (FHN) Thursday announced their decision to terminate the companies' merger agreement announced in February last year.

TD does not have a timetable for obtaining regulatory approvals for reasons unrelated to First Horizon, TD informed First Horizon.

As per the terms of the termination agreement, TD will pay $200 million to First Horizon, in addition to $25 million fee reimbursement due to First Horizon.

The shares of First Horizon Series G Preferred Stock that TD Bank purchased will continue to reflect a conversion price of $25 per share, TD Bank said.