M&A · Financials · National Commercial Banks
Toronto Dominion Bank to acquire First Horizon Corp
Announced Feb 28, 2022 · Terminated May 4, 2023
Deal value$13.52B
Premium37.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed$25.00 per share
Transaction
- Acquirer
- Toronto Dominion Bank (TD)
- Target
- First Horizon Corp (FHN)
- Buyer type
- Strategic
- Offer price per share
- $25.00
- Enterprise value
- —
- Status
- Terminated May 4, 2023
Deal protections
- Break fee (target pays)
- $436M · 3.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $82.0M
Sector context · Financials
- Comparable deals
- 70 in the prior 24 months
- Premium
- 37.0% vs. 35.7% sector median
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 3.2% vs. 3.6% sector median
Timeline
- AnnouncedFeb 28, 2022
- Proxy filedApr 12, 2022
- Definitive proxyApr 22, 2022
- Shareholder voteMay 31, 2022
- TerminatedMay 4, 2023
Valuation · fairness opinions
Trading comparables$16.50$19.50
Trading comparables$16.70$19.80
Discounted cash flow$19.04$23.33
Discounted cash flow$20.02$24.62
Offer $25.00
Implied value per First Horizon Corp share by analysis, from Morgan Stanley.