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

Kelowna council settles on 3.6 per cent tax increase for 2018

“Safety” budget heavy on a wide-range of public safety related spending

Meningococcal disease outbreak declared in Okanagan

Five cases in last six months among 15-to-19 year-olds, including one in Coldstream

Mail bandit puts damper on Christmas in Central Okanagan

Mail Box thefts have been reported throughout the Okanagan

West Kelowna RCMP seeks to reunite stolen items to owners

Numerous personal belongings were found during a seizure

Budget 2018: Kelowna to look at monitoring downtown security cameras 24 hours per day

Potential $30,000 budget item will be discussed further over objections of the mayor

VIDEO: Average Canadian food bill to rise by $348 in 2018

Atlantic Canada and B.C. will see the most increases for consumers

Smart Cities Challenge needs community support

What challenges could Penticton solve with innovative ideas and $50 million?

Debt-to-household-income ratio rises in third quarter

Total household credit market debt grew to $2.11 trillion in the third quarter

Charges in car wash shooting stalled

Court waits for police watchdog report on Salmon Arm incident.

B.C. Mountie told to resign after texting teenage sex assault victim

RCMP documents say Const. Brian Eden sent sexually inappropriate photos to 17-year-old girl

Family doctors should learn to treat addiction, not shun patients: scientist

B.C. Centre on Substance Use’s Dr. Evan Wood said efforts underway to change addiction medicine image

Four dog deaths investigated in Cranbrook

One vet suggests a parallel to these deaths and similar ones in 2016

Kelowna skaters secure spots for B.C. Games

Kelowna Speed Skating Club hosts Kelowna Cup and Winter Games qualifier at CNC

Province rejects Ajax mine in Kamloops

KGHM Ajax had proposed a 1,700-hectare open-pit copper and gold mine, just southwest of Kamloops

Most Read