TD to acquire Epoch Investment Partners
-- Complements TD Asset Management's existing capabilities -- Immediately and significantly advances organic growth strategy for TD's North American Wealth business
TORONTO, Dec. 6, 2012 /PRNewswire/ - TD (TD) (TSX and NYSE: TD) and Epoch Holding Corporation (NASDAQ: EPHC) including its subsidiary Epoch Investment Partners, Inc. today announced that they have signed a definitive agreement under which Epoch will be acquired by TD Bank Group for approximately US$668 million, in an all-cash transaction. Epoch Holding Corporation shareholders will receive US$28.00 in cash per share, representing a premium of approximately 28 per cent to Epoch's closing price on December 5, 2012.
"We've been looking for an opportunity to acquire a U.S. asset manager to build our North American Wealth business, which is a key growth area for TD," said Mike Pedersen, Group Head, Wealth Management, Insurance and Corporate Shared Services, TD. "This acquisition makes strategic sense for TD. It will broaden our offer for institutional and retail clients in Canada and will immediately and significantly strengthen our U.S. Wealth business."
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