Deals
PrivateBancorp Postpones Vote on $3.96 Billion CIBC Bid
- Chicago bank says investors need more time to consider bid
- PrivateBancorp shares have surged above CIBC offer price
A Canadian Imperial Bank of Commerce ATM in downtown Vancouver.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
PrivateBancorp Inc. postponed a shareholder vote on a takeover by Canadian Imperial Bank of Commerce after proxy-advisory firms and some investors called the $3.96 billion cash-and-stock offer insufficient following a post-election rally of U.S. regional lenders.
“In view of the significant changes to trading market conditions over the past few weeks, we believe it is in the best interests of all of PrivateBancorp’s stockholders to have additional time to consider the value and long-term strategic benefits of this transaction,” the Chicago-based bank said Wednesday in a statement.