First Horizon bank in default?

[walkenvol]

Rumor floating around my neighborhood that First Horizon Bank has locked their doors. Anyone know anything about this? TIA

 

[95 Vol Alum]

Rumor floating around my neighborhood that First Horizon Bank has locked their doors. Anyone know anything about this? TIA

After hours trading doesn’t reflect that currently. They are being bought by TD Bank. I assume that’s still in play.

@BigOrangeMojo is a big fan and expert on their business operations.

 

[Fun coupon VOL]

They are not being bought by Toronto dominion. That is falling through.

 

[BigOrangeMojo]

After hours trading doesn’t reflect that currently. They are being bought by TD Bank. I assume that’s still in play.

@BigOrangeMojo is a big fan and expert on their business operations.

First Horizon isn't well run but they don't have the issues of SIVB or Signature....TD has some buyer's remorse and I wouldn't be shocked if they pay the breakup fee or renegotiate....

 

[VolNExile]

First Horizon isn't well run but they don't have the issues of SIVB or Signature....TD has some buyer's remorse and I wouldn't be shocked if they pay the breakup fee or renegotiate....

So you don’t think that they backed off because they Found Something?

 

[BigOrangeMojo]

So you don’t think that they backed off because they Found Something?

Same reason Elon Musk wanted to back out of Twitter...they overpaid and bank valuations have changed

 

[txbo]

So you don’t think that they backed off because they Found Something?

Their share price fell over 30% under the takeover price.

 

[BigOrangeMojo]

Their share price fell over 30% under the takeover price.

Some of that, to be fair, was SIVB fallout. But it was already over 17% off before that sh-t hit the fan...

 

[ninerplaya57]

From what I’ve been told/know TD is still aquiring First Horizon. One of the major holds ups has been regulatory approvals. There was a clause in the contract stating there would be an automatic extension to May 27 if the merger could not be completed before then. Granted the acquisition price may come down because FHN stock price has come down but the original price is still on the table.

I know TD has a lot riding on this merger with trying to open stores in more states that they don’t have a presence in. It will be really interesting to see what happens.

I wouldn’t be entirely shocked if it ended up falling through given the state of everything right now, but I still think the merger will happen.

 

[walkenvol]

Thanks to everyone for sharing - sounds like it was just an unfounded rumor and First Horizon is still in business.

 

[txbo]

Some of that, to be fair, was SIVB fallout. But it was already over 17% off before that sh-t hit the fan...

Doesn't really matter why. The takeover price is too high compared to the current market value.

 

[GAVol]

Thanks to everyone for sharing - sounds like it was just an unfounded rumor and First Horizon is still in business.

Kudos to you for asking questions rather than reacting. There's a lot of folks on the brink of panic right now and it's feeding on itself a little.