- CIBC formally advised Aimia on August 9, 2013 that the notice and proposed agreement provided to CIBC on June 26, 2013 is not valid because it fails to comply with Aimia's obligations to CIBC under the existing credit card agreement, which expires on December 31, 2013. As previously stated, the notice and proposed agreement was structured in a way that nullifies CIBC's right of first refusal and ability to match.
- Notwithstanding the above, there are ongoing active discussions among CIBC, TD, and Aimia about a broad framework that would see CIBC sell approximately 50 per cent of the current Aerogold portfolio to TD with the accounts being divested consisting primarily of credit card only clients. Consistent with its strategy to invest in and deepen client relationships, CIBC would retain the Aerogold credit card accounts held by clients with broader banking relationships. The parties are actively working to reach an agreement, complete due diligence and finalize definitive documentation by Aug 26, 2013.
- There can be no assurances that an agreement will be reached. In the event an agreement is not reached, CIBC retains its rights to exercise its legal options under the provisions of its existing contract with Aimia.
CIBC Provides Further Disclosure On Aimia
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.