(RTTNews) - Shares of First Horizon Corporation (FHN) are surging more than 29% Monday morning on the news of it being acquired by TD Bank Group (TD) in a transaction valued at $13.4 billion, to be paid in cash.
The purchase price of $25 per share represents a premium of nearly 37% to the closing price of First Horizon shares as on February 25.
The transaction is expected to close in the first quarter of TD's 2023 fiscal year.
FHN is currently trading at $23.59.
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