Canada’s CIBC to buy US-based PrivateBancorp in $3.8 bn deal

Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $3.8 billion to expand its business.

Written by Reuters

June 29, 2016 16:41 IST

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Canadian Imperial Bank of Commerce said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $3.8 billion to expand its business.

CIBC said on Wednesday it would pay $47 per share for PrivateBancorp. This represents a premium of about 31 percent, based on the closing price of the two companies stocks on Tuesday.

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This article was first uploaded on June twenty-nine, twenty sixteen, at forty-one minutes past four in the afternoon.