The Toronto-Dominion Bank has successfully completed its controversial buyback of the publicly held shares of TD Waterhouse Group Inc. at US$9.50 per share.

The initial offering period expired at midnight ET, on November 14. Based on preliminary information from the depositary for the offer, TD Waterhouse Group stockholders had tendered and not withdrawn 21,112,448 shares of TD Waterhouse Group common stock, representing approximately 52% of the publicly held shares, satisfying the tender offer condition that a majority of the publicly held shares be tendered.

TD raised both the share price and the hurdle for a successful offer following shareholder outcry after the offer was announced.

TD Bank now owns approximately 94% of the outstanding shares of TD Waterhouse, and it will take the firm private again.

In addition, TD Bank has elected to provide a subsequent offering period of five business days, which will commence immediately and will expire at midnight ET on Nov. 21.

TD Waterhouse stockholders who have not yet tendered their shares may do so at any time prior to the expiration of the subsequent offering period. After this, TD will compel the shares anyway.