Unstructured Finance

Deals wrap: TD Bank’s $6.3 billion deal

TD Bank President and Chief Executive Officer Ed Clark looks on during the annual shareholders meeting at the Chateau Frontenac in Quebec City, March 25, 2010. REUTERS/Mathieu BelangerToronto-Dominion Bank will buy Chrysler Financial from private equity firm Cerberus Capital Management for $6.3 billion. The deal is the latest in a series of foreign asset purchases by Canada’s big banks. For some back of the envelope math on the deal see Fortune.com’s Term Sheet.

Google is in talks with smaller players in the online discount coupon market after Groupon turned down the Web giant’s $6 billion buyout offer, the New York Post said, citing a source close to the situation.

M&A bankers should prepare for a surge. If deal activity follows a similar pattern to previous cycles, 2011 ought to be a considerably better year, writes columnist Jeffrey Goldfarb.

The SEC has begun a probe into Chinese companies listing on U.S. stock exchanges through reverse takeovers, the Wall Street Journal reports, citing people with knowledge of the probe.

TD’s Masrani: Convenience counts

TD’s U.S. bank CEO Bharat Masrani loves his bank’s slogan.

Maybe a little too much, if his Tuesday afternoon presentation at the Barclay’s Global Finance Services Conference is any indication.

Masrani — CEO of Toronto-based TD Bank Financial Group’s American arm — repeatedly appended the company’s slogan “America’s Most Convenient Bank” after TD Bank’s formal name, in both his prepared remarks and the Q&A period responding to audience members. 

At least nine times in a 40-minute period, by a reporter’s informal count, Masrani provided the rote recitation that, yes, the bank with 1,100 branches and 23,000 employees along on the Eastern Seaboard is America’s most convenient.

Flowers, TD also bid on BankUnited

BankUnitedFlorida’s BankUnited drew bids from two other groups besides the winning consortium of private equity powerhouses in the FDIC-run auction. 

The other two bidding groups included J.C. Flowers & Co and Toronto Dominion bank, according to sources familiar with the matter.

Regulators seized the troubled Florida lender last month and sold it to a consortium that includes Wilbur Ross’s WL Ross, Carlyle Group, Blackstone and Centerbridge Partners.