CIBC to Purchase Additional Shares of FirstCaribbean
TORONTO, Feb. 2 /CNW/ - CIBC (CM: TSX; NYSE) said today it will purchase 129,804,474 common shares of FirstCaribbean International Bank under its previously announced offer to all shareholders that closed on Tuesday, January 30, 2007. CIBC has indicated to FirstCaribbean International Trust and Merchant Bank (Barbados) Limited, the Dealer Manager for the offer, that it has taken up and intends to pay for all the tendered shares in accordance with the Circular distributed in connection with the offer. The purchase price per tendered share is US$1.6335. CIBC will own 91.49% of the shares of FirstCaribbean International Bank following this transaction. CIBC has restated its commitment to maintaining a strong minority in FirstCaribbean International Bank Limited.
For further information:
For further information: John Ferren, Vice President, Investor Relations, (416) 980-2088; or Rob McLeod, Director, Communications and Public Affairs, (416) 980-3714