CIBC adds more cash to PrivateBancorp offer, now worth $6.8 billion

CIBC hikes bid for PrivateBancorp to $6.8B

TORONTO — CIBC is hiking its friendly takeover offer for Chicago-based PrivateBancorp to $6.8 billion, the second increase in recent weeks.

The Toronto-based bank (TSX:CM) is now offering US$27.20 in cash and 0.4176 of a CIBC common share.

The revised CIBC offer adds US$3 per share in cash or about $200 million to its March 30 bid.

The latest revision comes after the ISS shareholder advisory service concluded that a stand-alone PrivateBancorp would provide more potential upside for PrivateBancorp investors than the CIBC offer on the table at the time.

PrivateBancorp investors are scheduled to meet on May 12 to vote on the takeover offer.

CIBC had originally offer US$18.80 in cash and less stock in its original offer last summer. It says the latest proposal is its “best and final offer to the PrivateBancorp stockholders.”

The Canadian Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Salmon Arm’s Natalie Wilkie earns bronze in world cup competition

Shuswap talent posts third-fastest qualification time for event

AIM Roads to focus on clearing compact snow and slush, enable roads to drain

Snow accumulation exceeds 10-year records in Malakwa, Enderby, Squilax

Warm temperatures close Shuswap outdoor skating rinks

Rinks had been open only a few days when weather changed

January brings record snowfall to Shuswap’s Larch Hills

Up to 800 downed trees removed so far from cross-country ski trails

Break in a “poke in the eye” to Shuswap ski club

Larch Hills Nordics looking at security improvements for chalet

VIDEO: Nickelback gears up for nostalgia tour

Canadian band joins Stone Temple Pilots for a summer tour that includes just one stop in Canada

Summerland taxes expected to rise by 4.0%

Increase to add an estimated $77.73 to typical tax bill

Province asks health-care staff to be ‘vigilant’ in screening for possible coronavirus cases

This comes after U.S. health officials confirmed a case of the virus in Washington State

Tourism visits to the Thompson/Okanagan up 18 per cent year-over-year

In 2019, almost 11.4 million people spent at least one night visiting the region

Boy, 13, arrested after alleged assault involving girl at B.C. middle school

Boy alleged to have used ‘inappropriate levels of force’ to injure the girl

B.C. player becomes only second Canadian to enter Hall of Fame of Baseball

Walker received 76.6 percent of the Baseball Writers of America Association vote

PHOTOS: Heavy snowfall breaks window, causing avalanche into B.C. newsroom office

It was a chaotic start to the week for the Kitimat Northern Sentinel

Kelowna International Airport to help ease people with autism into flying

The tour will take families through the entire pre-flight process

Most Read