TORONTO, June 27, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM) is providing additional disclosure on the press release issued by Aimia earlier today:
- We have reviewed the proposed terms of the new contract provided by Aimia late yesterday.
- Upon legal review, we have concluded that the notice and document provided by Aimia to CIBC appears to have been intentionally structured in a way that attempts to nullify CIBC's right of first refusal and any ability to match.
- Given the structuring of the document and our contractual rights, we are exploring our options.
CIBC is a leading North American financial institution with more than 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.