Why Shares of First Horizon Are Plunging Today
Shares of the roughly $80-billion-asset, Tennessee-based regional bank First Horizon (NYSE: FHN) plunged more than 26% in premarket trading before recouping a good chunk of those losses.
The move came after First Horizon disclosed in a regulatory filing that Toronto-Dominion Bank (NYSE: TD) would not be able to complete its previously announced acquisition of First Horizon by the anticipated closing date of May 27. Shares of First Horizon traded more than 15% down as of 10:11 a.m. ET.
TD announced its acquisition of First Horizon more than a year ago, as it sought to boost its North American presence in the attractive U.S. Southern banking market.
Source Fool.com
