Topic: How To Invest

The Successful Investor Hotline – Friday, March 4, 2022

Article Excerpt

TORONTO-DOMINION BANK, $98.54, Toronto symbol TD, is a buy. TD is now buying U.S. banking firm First Horizon Corporation (New York symbol FHN). Based in Memphis, Tennessee, it operates 412 branches in 12 states that serve 1.1 million customers. The purchase will make TD’s banking operations the sixth largest in the U.S., with assets of $614 billion U.S. It will also have a total of 1,560 branches in 22 states, serving over 10.7 million customers. TD will pay $13.4 billion U.S. in cash, or $25.00 U.S. a share, for First Horizon. If shareholders and regulators approve, the bank expects to complete the purchase by November 27, 2022. If the deal fails to close by then, TD will pay First Horizon shareholders an additional $0.65 U.S. a share, on an annualized basis, for the period from November 27, 2022, through to the day just before closing. Also, if the deal does not close by February 27, 2023, TD will cancel the takeover. Assuming the bank completes…