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CIBC
CM today announced that it intends to commence a new
normal course issuer bid, subject to the approval of the Toronto Stock
Exchange (TSX). Under the bid, CIBC intends to repurchase for
cancellation up to 8 million common shares, representing approximately
2% of CIBC's issued and outstanding common shares as of August 26,
2013.
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 acceptance of the notice of normal course issuer bid and
continue for up to one year.
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 periodically
establish an automatic program under which its broker, CIBC World
Markets Inc., would repurchase CIBC shares pursuant to the 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 will be cancelled.
See full press release© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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