The Toronto-Dominion Bank is revising its tender offer for TD Waterhouse Group, Inc.’s common stock to increase the tender offer price to US$9.50 per share from US$9 per share.

TD says he increase follows discussions between the bank and the special committee of independent TD Waterhouse directors. The TD Waterhouse special committee has determined to recommend that TD Waterhouse stockholders tender their shares in the revised offer.

As part of these discussions, TD Bank agreed that completion of the tender offer will now be subject to the condition that a majority of the publicly-held shares be tendered, which condition may not be waived without the approval of the special committee.

The offer had initially been conditioned upon TD Bank acquiring sufficient shares to bring its ownership to 90% of the total shares outstanding.

The bank is seeking to acquire the approximately 12% of the outstanding shares of TD Waterhouse’s common stock that TD Bank and its wholly owned subsidiary, TD Waterhouse Holdings, do not already own.

Subject to meeting the completion of the tender offer, any shares not acquired in the tender offer are expected to be acquired in a subsequent “short form” merger transaction at the same, revised US$9.50 per share (or the Canadian dollar equivalent) cash price.

With the recommendation of TD Waterhouse’s independent board members, this represents TD Bank’s final offer.

The originally scheduled expiration date of the offer — November 14 — has not been changed.