Canada’s Toronto-Dominion Bank Group on Thursday called off its $13.4 billion takeover of First Horizon Corp., triggering a near 40 percent fall in the U.S. regional bank’s shares.
First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement.
