Shareholders of Chicago-based PrivateBancorp have given the go-ahead to the acquisition of the company by Canadian Imperial Bank of Commerce (CIBC).
In June 2016, CIBC agreed to acquire PrivateBancorp, a middle market commercial, private banking and wealth management firm, for $3.8bn. Earlier this month, CIBC raised its bid for PrivateBancorp acquisition taking the transaction value to nearly $4.9bn.
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Under the new arrangement, PrivateBancorp stockholders would receive $27.20 in cash and 0.4176 of a CIBC share for each of their shares.
The deal is expected to be completed in June 2017, subject to approvals by federal banking regulators in the US and Canada.
PrivateBancorp President and CEO Larry Richman said: “Today’s vote reinforces our stockholders’ support for the strategic opportunity a combination with CIBC offers. This will make our strong bank even stronger with the same commitment to building long-term client relationships, the same experienced team, and the same dedication to Chicago and all of the communities we serve.”
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