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

Just Posted

Senior curling provincials setting up for exciting finish

Standings tight as Senior curling teams push for provincial playoffs

Rescued snowmobilers ill-prepared for emergency, Castlegar RCMP say

Two men rescued Wednesday night were not ready for overnight in back country

Police share more details on occupants and suspicious van in Fruitvale

Vehicle in question offered young girl a ride to school on Feb. 19

B.C. Interior free from measles

Vancouver measles outbreak hasn’t spread to the B.C. Interior

Parity prevails at BC Senior Curling championship

Teams go toe-to-toe in second Draw at the BC Senior Curling Championship

Sell regulated heroin to curb B.C.’s overdose problem: report

B.C. Centre on Substance Use points to organized crime and money-laundering as contributing factors

Why do zebras have stripes? Perhaps to dazzle away flies

Researchers from University of Bristol look into why zebras have stripes

Poll: More voters believe Canada doing worse under Trudeau government

22 per cent believed the country is doing better and 27 per cent said things are the same

HBC shuttering Home Outfitters across Canada

North America’s oldest retailer is revamping its various stores to improve profitability

BC SPCA investigates Okanagan woman with prior animal abuse convictions

BC SPCA is investigating a property near Vernon

Man wanted for sex trafficking, confinement may be heading to B.C.

Kevin Myrthil, 26, is also accused of assault on a 19-year-old woman at an Edmonton hotel

B.C. Speaker Darryl Plecas resumes battle with suspended staff

Committee meets at B.C. legislature to consider new allegations

Northern B.C. train derailment due to broken axle could happen again: TSB

CN coal train derailment caused by broken axle can happen again without a different way to inspect

Former B.C. fire chief sues his city after termination

Keith Green’s civil claim says that he believes he was wrongfully terminated

Most Read