|
Target Information |
| Target: |
Juniper
Financial Corporation |
| City: |
Wilmington |
State: DE
|
| Type of Company: |
Online Banking |
| Financial Data As Of: |
|
Sales (LTM): $
|
Net Income (LTM): $ Book
Value: $ |
| Target’s Business: |
Juniper, a
division of Columbus Bank and Trust, is a full-service bank offering
credit cards, savings and checking accounts, CDs, and online
bill-payment. In addition, Juniper has partnered with E-Loan and Answer
Financial to offer its customers a full range of loan and insurance
products. Juniper offers highly competitive rates on a complete range of
financial products. And its industry-recognized website and
state-of-the-art wireless banking services enable its customers to
utilize the latest in technological innovations. Juniper is the
eight-month old Internet venture started by Richard Vague and James
Stewart, who previously worked together at First USA and Bank One Corp.
after it acquired the credit card issuer. Juniper has 150,000 customers
and $325 million of credit card receivables. It has raised more than
$114 million of private equity.
|
|
Acquirer Information |
| Acquirer Name: |
Canadian
Imperial Bank of Commerce (CIBC) |
| City: |
Toronto |
State: CAN
|
| Type of Company: |
Full Service
Commercial Bank |
| Financial Data As Of: |
04/30/01 |
Assets: $183
billion |
Net Income (LTM): $1.24
billion |
| Acquirer’s Business: |
CIBC is a
full-service financial institution comprising four strategic business
units: Electronic Commerce, Retail and Small Business Banking, Wealth
Management and CIBC World Markets. CIBC has more than eight million
retail banking customers and 8,000 corporate and investment banking
customers. Total assets were $268 billion at year end, market
capitalization was $18.3 billion and BIS Tier 1 capital ratio was 8.7%.
|
|
Transaction Information |
| Status: |
Pending |
| Announcement
Date: |
06/29/01 |
Accounting:
Purchase |
| Completion Date: |
Pending |
Consideration:
Cash |
| Deal Value: |
$95 million |
| Price/Earnings: |
N/A |
| Price/Book
Value: |
N/A |
| Comments: |
CIBC plans to
pay $95 million in cash for a 40% stake in Juniper Financial and has
signaled its intention to later buy a controlling stake in the online
bank. The company will purchase 95% of Juniper’s Series C preferred
stock, convertible to common stock. |
