TD’s offer of $25 per FHN share was considered high to begin with. More directly, it would cause the price of the deal to increase by $0.65 per share for each year that it fails to close. Most obviously, it would postpone the addition of FHN’s earnings to TD’s own financial statements. It was not clear at the time of writing whether the OCC intended to follow Warren’s recommended steps.Ī delay in the First Horizon deal would be costly to TD Bank. In her letter, which was co-signed by several other senators, she wrote: “The OCC should closely examine any ongoing wrongdoing and block any merger until TD Bank is held responsible for its abusive practices.” She also said that the OCC found evidence of misconduct by TD Bank in the past but didn’t act on it. A progressive senator from Massachusetts, she is known for her hardline stance on big business. One of the leaders of the attempt to block TD’s acquisition is Elizabeth Warren.

Senator Elizabeth Warren attempts to block acquisition But will it actually end TD’s First Horizon deal? Claiming that TD was guilty of “abusive practices” similar to Wells Fargo (NYSE: WFC) in the past, the group wanted the deal put on hold until TD was “held accountable.” In the past, Wells was found to have upsold customers overdraft accounts without their permission - the senators are saying that TD did similar things. Office of the Comptroller of the Currency (OCC) asking them to reject TD’s deal.

However, it has a major hurdle to overcome first: the U.S.

The deal will make TD the sixth-largest bank in America. In a deal valued at $13.4 billion, it will acquire 100% of First Horizon National (NYSE:FHN), a bank holding company in the southeastern United States. Toronto-Dominion Bank ( TSX:TSX: TD)(NYSE:TD) is in the middle of closing one of its biggest M&A deals ever.

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