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

WATCH: Moms Stop The Harm respond to opioid crisis

Someone asked her if she does the work for her son. McBain said: “No, actually. I do it for your son.”

Man arrested at gunpoint outside Vic High

Police were called after he allegedly threatened a teacher with a knife

Skydiver lands safely after cutting away main chute

Central Saanich emergency services called after witnesses saw spiralling chute

Man struck and killed on the Pat Bay Highway

Pedestrian struck while crossing near Mount Newton X Rd in Central Saanich

VicPD cuts school liaison program over budget impasse with Esquimalt

Six officers, including three school liaisons, to be reassigned to frontline duties

VIDEO: B.C. ‘escapologist’ stuns judges on Britain’s Got Talent

Matt Johnson says televised water stunt was closest he’s come to death

Charges follow collisions between pickup and police vehicles in Nanaimo

Majore Jackson, 32, and Andrew John Bellwood, 47, from Nanaimo, face numerous charges

Been a long day? Here’s cute puppies in training

Group is training next batch of assistance dogs at Vancouver International Airport

78 Mexican farmworkers displaced after fire tears through building on B.C. farm

Flames broke out Thursday morning in building that housed up to 80 workers at Abbotsford farm

Cartoonist captures public mood following Toronto, Humboldt tragedies

Cartoonist said he was trying to find a bit of positivity with an image that has garnered attention

Whitecaps host against Real Salt Lake looking to snap 3-game losing streak

Ending their losing streak is all the Whitecaps care about when they host Salt Lake in Vancouver

Montreal Habs goalie Carey Price stops by B.C. hometown for rodeo

Famous goaltender tries to blend in with the crowd at first BCRA-santioned event of the season

B.C. hires 20 more conservation officers

The province announces 12 new locations for conservation officer services this year

Most Read