IE Staff
The Toronto-Dominion Bank says it has completed the merger of TD Waterhouse Group, Inc., with TD Waterhouse Holdings, Inc., a wholly owned subsidiary of TD Bank.
The merger, effective November 26, was the second step in a two- step acquisition. The first step, a cash tender offer for all the outstanding shares of TD Waterhouse Group at $9.50 per share, was completed on November 14, and a subsequent offering period was completed on November 21.
At the end of the subsequent offering period, TD Bank owned 97% of TD Waterhouse Group’s common stock. As a result of the merger, TD Waterhouse Group is now a wholly owned subsidiary of TD Bank.
The merger results in the automatic conversion, subject to appraisal rights, of the remaining publicly held shares of TD Waterhouse Group common stock into the right to receive US$9.50 per former TD Waterhouse Group share.
Stockholders who did not tender their shares of TD Waterhouse Group common stock in the tender offer will receive relevant information in the mail on how to receive payment for their shares. TD Waterhouse Group shares will be delisted promptly from both the New York and Toronto Stock Exchanges.
