CIBC CM today announced that it intends to seek Toronto
Stock Exchange (TSX) approval to commence a normal course issuer bid on
or about September 7, 2012. Under the bid, CIBC intends to repurchase
for cancellation up to 8.1 million common shares, representing
approximately 2% of CIBC's 405,747,564 issued and outstanding common
shares as of August 27, 2012.
CIBC will file a notice of intention to make a normal course issuer bid
with the TSX to repurchase the common shares. The bid would commence
following TSX approval and end, at the latest, on September 6, 2013.
Purchases would be made through the facilities of the TSX, alternative
Canadian trading systems or the New York Stock Exchange, in accordance
with applicable regulatory requirements. CIBC intends to establish an
automatic program on a quarterly basis under which its broker, CIBC
World Markets Inc., would repurchase CIBC shares pursuant to the normal
course issuer bid within a defined set of criteria which CIBC would not
vary or suspend. The price paid for the common shares will be the
market price at the time of the purchase. The common shares repurchased
under the normal course issuer bid
See full press release
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