Canada-based Toronto-Dominion Bank (NYSE: TD) recently terminated its planned $13 billion acquisition of First Horizon Corp (NYSE: FHN) after deciding that it couldn't see a reasonable path toward receiving regulatory approval from the Federal Reserve.

TD announced the acquisition of First Horizon in February 2022. This February, it had to extend its merger agreement deadline until May but announced before May that it was unlikely to receive regulatory approval before that extension ran out.

While First Horizon is an attractive franchise and would have greatly bolstered TD's significant U.S. presence, I think the failed acquisition is also coming at a good time. Here's why.

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Source Fool.com