Toronto Dominion Bank 6-K, filed Feb 24, 2023
Toronto Dominion Bank (TD)
About this 6-K
Toronto Dominion Bank filed this 6-K on February 24, 2023.
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 February, 2023. | 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 |
EXHIBIT INDEX
Exhibit |
Description | |
| 99.1 | Press Release dated February 24, 2023 - TD Receives Regulatory Approval to Acquire Cowen Inc. | |
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: February 24, 2023 | By: | /s/ Ye Xia | ||||
| Name: | Ye Xia | |||||
| Title: | Associate Vice President, Legal Treasury and Corporate Securities | |||||
Exhibit 99.1
TD Receives Regulatory Approval to Acquire Cowen Inc.
TORONTO and NEW YORK, February 24, 2023 - TD Bank Group ("TD") (TSX and NYSE: TD) and Cowen Inc. ("Cowen") (NASDAQ: COWN) today announced they have received all regulatory approvals required under their merger agreement to complete TD's acquisition of Cowen. With this step completed, TD expects the acquisition to close on March 1, 2023, subject to the satisfaction of other customary closing conditions.
Cowen provides highly complementary strengths to TD Securities' existing businesses. When finalized, the acquisition will add new capabilities in U.S. equities, including a strong sales, trading and execution platform as well as a renowned global research platform. Cowen also adds scale and expertise in industry coverage, middle-market sponsors coverage, M&A advisory and public and private capital markets.
Caution Regarding Forward-Looking Information
This communication contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and
applicable Canadian securities legislation, with respect to Cowen Inc. (“Cowen”) and The Toronto-Dominion Bank’s (“TD
Bank”) beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information,
but instead pertain to future operations, strategies, financial results or other developments. The words “believe,” “expect,”
“anticipate,” “intend,” “target,” “plan,” “estimate,” “should,”
“likely,” “will,” “going forward,” and other expressions that indicate future events and trends identify
forward-looking statements. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject
to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond the control of
Cowen and TD Bank, and many of which, with respect to future business decisions and actions, are subject to change and which could cause
actual results to differ materially from those contemplated or implied by forward looking statements or historical performance. Examples
of uncertainties and contingencies include factors previously disclosed in Cowen's and TD Bank’s respective reports filed with the
U.S. Securities and Exchange Commission (the “SEC”), and TD Bank’s other filings with Canadian regulators, as well as
the following factors, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one
or both of the parties to terminate the definitive merger agreement between Cowen and TD Bank; the outcome of any legal proceedings that
may be instituted against Cowen or TD Bank, including potential litigation that may be instituted against Cowen or its directors or officers
related to the proposed transaction or the definitive merger agreement between Cowen and TD Bank to the proposed transaction; the timing
and completion of the transaction, including the possibility that conditions to the closing are not satisfied on a timely basis or at
all, or are obtained subject to conditions that are not anticipated; interloper risk; the risk that any announcements relating to the
proposed combination could have adverse effects on the market price of the common stock of either or both parties to the combination;
the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of
the impact of, or problems arising from, the integration of the two companies, or as a result of economic and competitive factors in the
areas where Cowen and TD Bank do business; certain restrictions during the pendency of the merger that may impact the parties’ ability
to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete
than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business
operations and opportunities; failing to retain key talent of Cowen after the announcement or completion of the transaction; reputational
risk and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement
or completion of the transaction; Cowen and TD Bank success in executing their respective business plans and strategies and managing the
risks involved; currency and interest rate fluctuations; success of hedging activities; material adverse changes in economic and industry
conditions, including the availability of short and long-term financing; general competitive, economic, political and market conditions,
including difficult market conditions, market disruptions and volatility; the inability to sustain revenue and earnings growth; inflation;
the impact, extent and timing of technological changes; capital management activities; the Office of the Superintendent of Financial Institution's
and other regulators' legislative and regulatory actions and reforms; the pandemic created by the outbreak of COVID19 and its variants,
and resulting effects on economic conditions, restrictions imposed by public health authorities or governments, fiscal and monetary policy
responses by governments and financial institutions, and disruptions to global supply chains; and other factors that may affect future
results of Cowen and TD Bank. Examples of material assumptions made by TD Bank in the forward-looking statements, including TD Bank's
expectations regarding the costs and financial impact of the transaction, include assumptions regarding Cowen's future net income, transaction
costs, transaction process, timeline to close and/or integrate the acquisition, expected synergies, expected value of certain lines of
business in the event of a divestiture, future TD Bank capitalization, tax rate, currency conversion rate, and financial results. We caution
that the foregoing list of important factors that may affect future results is not exhaustive. Additional factors that could cause results
to differ materially from those contemplated by forward-looking statements can be found in Cowen's Annual Report on Form 10-K for the
year ended December 31, 2021, and in its subsequent Quarterly Reports on Form 10-Q filed with the SEC and available in the “Investor
Relations” section of Cowen's website, under the heading “SEC Filings” and in other documents Cowen files with the SEC,
and in TD Bank’s Annual Report on Form 40-F for the year ended October 31, 2022 filed with the SEC and available in the “Investor
Relations” section of TD Bank’s website, www.td.com, under the heading “Regulatory Filings” and in other documents
TD Bank files with the SEC (available at www.sec.gov) and applicable securities regulators in Canada (available at www.sedar.com). All
such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should
be considered carefully when making decisions with respect to Cowen and TD Bank. Any forward-looking statements contained in this document
represent the views of Cowen and TD Bank only as of the date hereof and are presented for the purpose of assisting their respective shareholders
and analysts in understanding the terms of the transaction and Cowen's and TD Bank's objectives and assumptions and may not be appropriate
for other purposes. Neither Cowen nor TD Bank undertakes to update any forward-looking statements, whether written or oral, that may be
made from time to time by or on its behalf, except as required under applicable securities legislation.
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 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. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.9 trillion in assets on October 31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About Cowen Inc.
Cowen Inc. (“Cowen”) is a diversified financial services firm that provides investment banking, research, sales and trading, prime brokerage, outsourced trading, global clearing, and commission management services. Cowen also has an investment management division which offers actively managed alternative investment products. Founded in 1918, Cowen is headquartered in New York and has offices worldwide.
For further information contact:
| TD Investors: | TD Media: |
| Brooke Hales | Erin Sufrin |
|
Vice President, Investor Relations 416-307-8647 |
Senior Manager, Corporate Communications 416-624-2440 |
| Brooke.hales@td.com | Erin.sufrin@td.com |
| Cowen Investors: | Cowen Media: |
| James Farley | Dan Gagnier |
|
Associate Vice President, Investor Relations 646-562-1056 |
Gagnier Communications 646-569-5897 |
| james.farley@cowen.com | dg@gagnierfc.com |