First Horizon in Memphis, Tenn., is being tight-lipped about the status of its pending sale to TD Bank.
The $81 billion-asset company said in its earnings release that the $13.4 billion deal is unlikely to secure regulatory approval before an already adjusted May 27 deadline. The release stated that TD “cannot provide a new projected closing date” and that there are “no further updates at this time.”
Overall, the commentary provided no new information since First Horizon had already warned about the delayed regulatory approvals and TD’s inability to provide a new timeline for the deal’s closing.
TD Bank “has initiated discussions … regarding a potential further extension of the outside date,” First Horizon said in a recent regulatory filing. “There can be no assurance that an extension will ultimately be agreed or that TD will satisfy all regulatory requirements” needed for approval.
The companies had already pushed the closing date back, including a decision to move the date from Feb. 27 to May 27. TD once expressed hopes that it could complete the deal in late April.
TD Bank agreed to buy First Horizon in February 2022. At that time, the companies projected closing the deal in the fall of 2022. The payout to First Horizon shareholders increased in November 2022 due to a stipulation in the merger agreement.
First Horizon’s net income increased by 29.3% from a year earlier, to $256 million.