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

By: | Published: June 29, 2016 4:41 PM

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.

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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