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Article: TD Bank Financial Group to Become Majority Shareholder of Banknorth Group, Inc.; Strategic acquisition provides TD with personal and commercial banking growth opportunity in the US.
- Article from:
- Business Wire
- Article date:
- August 26, 2004
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Copyright informationCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PORTLAND, Maine -- Banknorth gains partner to expand its community-based banking model
Banknorth Group, Inc. (NYSE: BNK) and TD Bank Financial Group (TDBFG) today announced that they have signed a definitive agreement for TDBFG to acquire 51% of the outstanding shares of Banknorth for approximately US$3.8 billion (approximately CDN$5 billion) in cash and TD common shares. This acquisition will provide TD with the majority interest in a growth company that has a proven track record of making strategic acquisitions.
"This strategic acquisition provides us with an expanding beachhead in the Northeastern United States and an outstanding personal and commercial banking ...
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