CIBC has obtained all necessary regulatory approvals for its proposed acquisition of Chicago-based PrivateBancorp.
Under the arrangement, shareholders of PrivateBancorp would receive $27.20 in cash and 0.4176 of a CIBC share for each of their shares. The deal is expected to be wrapped up on 23 June 2017.
Go deeper with GlobalData
CIBC agreed to acquire PrivateBancorp, a middle market commercial, private banking and wealth management firm, for $3.8bn in June 2016.
In May 2016, CIBC sweetened its bid for PrivateBancorp, taking the deal value to around $4.9bn. The deal was approved by PrivateBancorp shareholders last month.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
