Gillian Tan, Columnist

CIBC Can Still Save This Deal

The Canadian lender could repurchase some of its own shares to help make its offer for PrivateBancorp more appealing.

May 1, 2017 at 5:08 PM UTC

Gillian Tan is a senior reporter covering finance and alternative asset classes including real estate, infrastructure, private equity, private credit, venture capital and sports business. She previously wrote an opinion column for Bloomberg and was a reporter at the Wall Street Journal. She is a qualified chartered accountant.

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After an eventful 10 months, it's nearly crunch time for PrivateBancorp Inc.'s investors.

The Chicago-based regional lender agreed to be acquired by Canadian Imperial Bank of Commerce last June, but postponed a vote after it became clear that shareholder support for the deal was waning after the rally in bank stocks following President Donald Trump's surprise election. In March, CIBC upped its bid, and next week, PrivateBancorp shareholders will finally vote on whether or not the new sum is up to scratch.