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Commerce Bank: An Expensive Strategic Asset

The $8.5 billion acquisition of Commerce Bancorp by Canada's Toronto-Dominion Bank is being greeted with something of a shrug this morning. When Commerce CEO Vernon Hill was ousted in June, it seemed only a matter of time before the company was sold – but analysts were expecting the franchise to get something between $45 and $50 per share, rather than the $42.37 at which this offer is valued.

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