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TD Bank to buy Commerce Bancorp
By Martin | October 4, 2007
TD Bank Financial Group said Tuesday it will acquire Commerce Bancorp Inc. in a stock-and-cash deal valued at $8.5 billion. Under terms of the agreement, Commerce shareholders will receive 0.4142 shares of a TD common share and $10.50 in cash in exchange for each share of Commerce Bancorp. After the deal closes, TD Bank expects to take a one-time pretax restructuring charge of about $490 million. The acquisition is expected to close in March or April 2008, subject to regulatory approval. Commerce shares closed Monday at $39.61.
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October 10th, 2007 at 5:29 pm
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