First Horizon, TD extend outside date for pending merger

In a regulatory filing earlier, First Horizon (FHN) stated: "In 2022 we agreed to be acquired by TD for a cash price per FHN common share that, at the close of business on February 20, 2023, was $25.1531488 per share and rising very slightly each day thereafter. The market price of our common stock was and continues to be substantially impacted by the Pending TD Merger. Completion of the Pending TD Merger is subject to customary closing conditions, including approvals from U.S. and Canadian regulatory authorities. On February 9, 2023, FHN and TD agreed to extend the outside date to May 27, 2023. Subsequent to the extension, TD recently informed FHN that TD does not expect that the necessary regulatory approvals will be received in time to complete the Pending TD Merger by May 27, 2023, and that TD cannot provide a new projected closing date at this time. TD has initiated discussions with FHN regarding a potential further extension of the outside date. There can be no assurance that an extension will ultimately be agreed or that TD will satisfy all regulatory requirements so that the regulatory approvals required to complete the Pending TD Merger will be received."