Cheers or Tears As Commerce Takes TD's Money?

October 3, 2007

Commerce Bank's Board of Directors decided to take TD's cash and stock deal, valued at $8.5 billion, barely 90 days after founder Vernon Hill was ousted as Chairman and CEO. The deal is estimated to be worth about $42/share, less than $1 above CBH's all time high. Several questions deserve analysis:

1. Was the price right for shareholders at Commerce and TD Bank Financial Group?

2. Can TD Banknorth profitably leverage the Commerce Bank branch deposit gathering network?

3. Who will be the winners and losers from this deal?

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