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

Man charged in suspected Greater Victoria bus assault

The Victoria Police Department has arrested a man for sexual assault aboard… Continue reading

Library’s French collection gets $15,000 boost

Provincial grant adds extra French-language materials to Greater Victoria Public Library collection

Cruise Industry Job Fair on Saturday

Nearly 900 jobs created by the industry

City grants 10-year tax ‘holiday’ for luxury condo building

$5.4-million tax break will offset Custom House heritage redevelopment

Celebrating the heroic dogs of Saanich past

Cedar Hill exhibit features great dogs of history

VIDEO: What you need to know today at the B.C. Games

B.C. Winter Games athletes work for gold in the last full day of competition

B.C. Games: Athletes talk Team Canada at PyeongChang 2018

From Andi Naudie to Evan McEachran there’s an Olympian for every athlete to look up to

Minor injuries after car veers into Courtenay dance studio

A driver and passenger were taken to hospital after their vehicle crashed… Continue reading

Snowboarders sliding into fresh territory at B.C. Games

Athletes hit the slopes for first appearance as an event at the B.C. Winter Games in Kamloops

Cougars hold upper hand on Westshore in VIJHL South semifinal

Victoria leads series 2-0, games 3 and 4 go tonight and tomorrow

Looking back at the 1979 B.C. Games: Good memories, even better jackets

39 years later, Kamloops is hosting the Winter Games again, with some volunteers returning

OLYMPICS 101: Oldest and youngest Canadians to reach the podium

This year, Canada sent its most athletes in Winter Games history, here’s a look at record breakers

Snowboarding debuts at B.C. Games

Merren deBellefeuille was lone Vancouver Island (Zone 6) athlete in ladies’ snowboard cross

BCHL Today: Cowichan Caps play spoiler and Nanaimo wins 10th straight game

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Most Read