June 27, 2013
CIBC is exploring options in regards to loyalty program
TORONTO - CIBC 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.