TD to buy First Horizon

Wow, cash deal no less! Confession I own shares in TD … down 1.4% AIT. No plans to sell … well it has the lowest dividend of all my current holdings at a paltry 3.30%.



TD to buy First Horizon in US$13.4B expansion in U.S. Southeast

Steve Dickson, Bloomberg News

Toronto-Dominion Bank agreed to buy First Horizon Corp. for US$13.4 billion, putting its massive capital stockpile to use for its largest deal ever and expanding its presence in the U.S. Southeast.

The Canadian bank will pay US$25 a share in cash for Memphis, Tennessee-based First Horizon, according to a statement Monday. The purchase price is about 37 per cent higher than First Horizon’s closing price Friday.