6-K
TORONTO DOMINION BANK (TD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
| For the month of January, 2024. | Commission File Number: 001-14446 |
|---|
The Toronto-Dominion Bank
(Translation of registrant's name into English)
c/o General Counsel’s Office
P.O. Box 1, Toronto Dominion Centre,
Toronto, Ontario, M5K 1A2
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F ¨ | Form 40-F þ |
|---|
This Form 6-K is incorporated by reference into all outstandingRegistration Statements of The Toronto-Dominion Bank filed with the U.S. Securities and Exchange Commission.
EXHIBIT INDEX
| Exhibit | Description |
|---|---|
| 99.1 | Press Release dated January 12, 2024 - TD recommends shareholders reject TRC Capital Investment's below-market "mini tender" offer for<br>common shares |
FORM 6-K
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| THE TORONTO-DOMINION BANK | ||
|---|---|---|
| DATE: January 12, 2024 | By: | /s/ Ye Xia |
| Name: | Ye Xia | |
| Title: | Associate Vice President, Legal Treasury<br> and Corporate Securities |
Exhibit99.1
TD recommends shareholders reject TRCCapital Investment's below-market "mini tender" offer for common shares
Toronto, ON, January 12, 2024 - TD Bank Group ("TD" or the "Bank") (TSX: TD) (NYSE: TD) has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation ("TRC Capital Investment") to purchase up to 1.5 million TD common shares, approximately 0.08% of the common shares outstanding as at January 10, 2024, at a below-market price of CAD $78.38 per share in cash.
TRC Capital Investment’s unsolicited offer price of CAD $78.38 per share is approximately 4.3% lower than the CAD $81.90 closing share price of TD’s common stock on January 10, 2024, the business day prior to the date of the offer.
TD does not endorse TRC Capital Investment’s unsolicited mini-tender offer, is not affiliated or associated in any way with TRC Capital Investment and recommends shareholders reject the offer.
TRC Capital Investment has made several similar unsolicited mini-tender offers for shares of several other public companies. Mini-tender offers are designed to result in a holding of less than 5% of a company's outstanding shares, thereby avoiding disclosure and procedural requirements applicable to most bids under Canadian and U.S. securities regulations. Both the Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) recommend that investors exercise caution with mini-tender offers and have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.
The SEC has issued "tips for Investors" regarding mini-tender offers, noting that some bidders, in making the offers at below-market prices, are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's advisory may be found on the SEC website at http://www.sec.gov/investor/pubs/minitend.htm
The CSA's long-standing guidance on mini-tenders can be found on the Ontario Securities Commission website at www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp.
TD strongly encourages brokers, dealers and other market participants to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC website at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
TD requests that a copy of this news release be included with any distribution of materials relating to TRC Capital Investment's mini-tender offer for TD shares.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 16 million active online and mobile customers. TD had $1.96 trillion in assets on October 31, 2023. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
For further information:
Media: Elizabeth Goldenshtein, Senior Manager, Corporate Communications, elizabeth.goldenshtein@td.com, 416-994-4124
Investor Relations: Brooke Hales, Vice President, Investor Relations, brooke.hales@td.com, 416-307-8647