CIBC to Buyback for Cancellation Up to 8M Common Shares

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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.
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Posted In: NewsGuidanceContractsAsset SalesManagementM&AGlobal
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