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CIBC recommends shareholders reject TRC Capital Investment's below-market "mini-tender" offer for common shares
CIBC recommends shareholders reject TRC Capital Investment's below-market "mini-tender" offer for...
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"\n\n\nCIBC recommends shareholders reject TRC Capital Investment's below-market \"mini-tender\" offer for common shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nTORONTO, Feb. 27, 2026 /CNW/ - CIBC (TSX: CM) (NYSE: CM) has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation (TRC Capital Investment) to purchase up to 1,000,000 CIBC common shares, approximately 0.109% of the common shares outstanding as at February 18, 2026, at a below-market price of CAD $126.50 per share in cash.\n\n\n\n\n\n\n\nTRC Capital Investment's unsolicited offer price of CAD $126.50 per share is approximately 4.5% lower than the CAD $132.41 closing share price of CIBC common shares on February 18, 2026, the business day prior to the date of the offer.CIBC does not endorse TRC Capital Investment's unsolicited mini-tender offer, is not affiliated or associated in any way with TRC Capital Investment and recommends shareholders reject the offer.TRC Capital Investment has made several similar unsolicited mini-tender offers for shares of several other public companies. Mini-tender offers are designed to result in a holding of less than 5% of a company's outstanding shares, thereby avoiding disclosure and procedural requirements applicable to most bids under Canadian and U.S. securities regulations. Both the Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) recommend that investors exercise caution with mini-tender offers and have expressed serious concerns about them, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.The SEC has issued \"Tips for Investors\" regarding mini-tender offers, noting that some bidders, in making the offers at below-market prices, are \"hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.\" The SEC's advisory can be found on its website at&#x...