(Toronto) Shareholders seeking an update on TD Bank’s $13.4 billion takeover of First Horizon got few responses at Thursday’s meeting bank annual.
Faced with many questions about the deal after last month’s U.S. banking turmoil dented the value of Tennessee-headquartered First Horizon, chief executive Bharat Masrani walked away. held to a statement that negotiations are underway regarding a possible extension of the deal beyond the May 27 deadline.
Mr. Masrani had offered the same message he gave during a conference call on the bank’s most recent quarterly results in March. The bank then revealed that it did not expect to obtain regulatory approval for the transaction before the deadline, without providing details on what could be the cause of the delay.
Since then, the collapse of Silicon Valley Bank and Signature Bank has put the US banking industry under pressure and led some to call on TD to scrap the deal, which it first announced in February 2022. .
Asked by shareholders, Masrani said he saw benefits from the merger, but he did not reiterate that the bank was “fully committed to the transaction”, as he said in March.
In addition to questions about the First Horizon transaction, the annual meeting saw several shareholder proposals put to the vote, including on climate change, executive pay ratios and the financialization of housing.