Posted AT 6:02 PM EST on 16/02/06
TD buys car-loan lender
Toronto-Dominion Bank has agreed to buy VFC Inc. for $326-million in a cash-and-stock deal that will give the Canadian bank a foothold in the car-loan market.
TD said it will pay $19.50 a share for VFC — $19.45 in stock and 5 cents a share cash. The offer is 38 per cent higher than VFC's Wednesday closing price yesterday of $14.15.
TD stock climbed 15 cents or 0.23 per cent to $64 on the Toronto Stock Exchange Thursday. Shares of VFC soared $5.15 or 36.40 per cent to $19.
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