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There has been a steady stream of tie-ups among midsized lenders
in the last two years, as institutions seek increased scale to
better compete against the largest U.S. banks.
In October, Columbia Banking System Inc said it would acquire
larger rival Umpqua Holdings Corp in an all-stock deal worth
$5.1 billion.
Toronto Dominion's offer of $25 per share represents a premium
of nearly 37% to First Horizon's last close. Shares of First
Horizon were up nearly 32% in premarket trading.
TD said it expects to incur total merger and integration costs
of $1.3 billion primarily in the first two years following
close.
After the deal closes, expected towards in the first quarter of
TD's 2023 fiscal year, Bryan Jordan, president and chief
executive officer of First Horizon, will join TD as vice chair,
TD Bank Group.
(Reporting by Manya Saini and Niket Nishant in Bengaluru;
Editing by Sriraj Kalluvila)
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