TD Bank To Buy Commerce Bancorp For $8.5 Billion

Toronto-Dominion Bank (TD) agreed to acquire New Jersey's Commerce Bancorp Inc. (CBH), which had been seen as a takeover target, for $8.5 billion in stock and cash as it expands in the U.S.

The transaction would give Toronto-Dominion more than 2,000 branches in North America and about $250 billion in deposits. The Toronto-based bank will become the seventh-largest bank in North America as measured by branch locations, the company said.

The purchase price consists 75% of stock and 25% cash. Under the agreement, expected to close in March or April 2008, Commerce shareholders will receive 0.4142 share of Toronto-Dominion and $10.50 in cash for each Commerce share held.

Read Full Article from CNNMoney.com

- Posted: 2007-10-02 10:35:06

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