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CIBC claims Ameritrade deal fabricated

Published on May 14, 2001; Published on January 19, 2011

Rumors that the Canadian Imperial Bank of Commerce has claimed to be untrue helped to drive up the stock price for Ameritrade Holding Corp.

Topics :: CIBC , Ameritrade , USA Today , U.S. , Omaha , New York

A story published in USA Today suggested the two sides have been involved in talks, with CIBC offering to pay $1.8 billion US for the Omaha-based online broker.

A senior source at CIBC said the whole story was fabricated.

Ameritrade stock jumped seven per cent on the Nasdaq Stock Market upon news of the deal.

While cautioning the deal is only speculation, an analyst with Standard & Poor's Corp. in New York says it would be a good move for CIBC.

"If they were to do it, I think it would be a good strategic move," Tanya Azarchs told the Globe and Mail. "They've been trying to assemble a complete product line here in the U.S., and this would fit in with that quite nicely."

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