Canadian Imperial Bank of CommerceNYSE
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  • Today, 11:39 AM
    | Today, 11:39 AM
  • Today, 10:13 AM
    • CIBC (CM +0.1%) likely will need to raise its bid to the mid-$50s to land its U.S. acquisition target, PrivateBancorp (PVTB +1.9%), says BMO.
    • Source: Bloomberg
    • The Canadian lender thought it had a deal for $47 in cash and stock, but a massive rally in banks helped push PVTB through that number. Now ISS is recommending shareholders vote against the deal, and Egan-Jones switched from approving to recommending against.
    • Today's gain brings PVTB to $51.70.
    | Today, 10:13 AM
  • Fri, Dec. 2, 2:56 PM
    • Egan-Jones (along with Glass, Lewis) initially had given its blessing to CIBC's (CM +0.3%) takeover of PrivateBancorp (NASDAQ:PVTB) in a cash and stock deal valued at $47 per share.
    • The big increases in the share prices of PVTB and other banks since the election, however, calls into question the fairness of CIBC's bid, says Egan-Jones, now recommending investors vote the deal down.
    • Shares +2% to $49.75.
    • Previously: PrivateBancorp shoots through deal price as ISS says undervalued (Dec. 1)
    | Fri, Dec. 2, 2:56 PM
  • Thu, Dec. 1, 10:10 AM
    • Institutional Shareholder Services says the $47 per share deal for CIBC (NYSE:CM) to purchase PrivateBancorp (PVTB +2.9%) undervalues the lender, and recommends shareholders vote against the sale.
    • The big advance in bank stocks since the election negates much downside risk to the shares should the sale be voted down, says ISS.
    • Today's gain brings the stock price to $48.15.
    • An owner of 1M shares of PVTB, Glazer Capital comes up with a price north of $50 per share using valuation methodologies similar to those employed by advisers Goldman Sachs and Sandler O'Neill.
    • For its part, PrivateBancorp says two other proxy advisors - Glass, Lewis, and Egan-Jones - are both recommending the deal.
    | Thu, Dec. 1, 10:10 AM | 2 Comments
  • Wed, Jun. 29, 7:25 AM
    • CIBC (NYSE:CM) has been looking for a U.S. acquisition target and it's found one in Chicago-based PrivateBancorp (NASDAQ:PVTB) in a $3.8B stock and cash deal, or $47 per share based on current closing prices. PrivateBancorp owners will receive $18.80 in  cash and 0.3657 shares of CIBC for each share of PVTB they own.
    • The deal is expected to close in early 2017 and be accretive to adjusted EPS in year three.
    • A conference call is set for 8 ET
    • PVTB +25.2% premarket to $45; CM -1.4% to $76.
    | Wed, Jun. 29, 7:25 AM | 6 Comments
  • Jan. 29, 2015, 2:23 AM
    • The London Stock Exchange Group (OTCPK:LDNXF) is looking to sell Russell Investments for $1.4B in mid-February, after buying Frank Russell from insurer Northwestern Mutual last year for $2.7B.
    • The exchange operator has tapped Barclays to sell the business, and has at least three interested buyers, including CIBC (NYSE:CM), Reuters reports.
    • LSE hopes to fetch around $1.4B for the unit.
    • Previously: Report: CIBC eyeing Russell's asset management business (Dec. 11 2014)
    | Jan. 29, 2015, 2:23 AM
  • Apr. 11, 2013, 4:28 PM

    CIBC (CM) is buying Atlantic Trust Private Management from Invesco (IVZ) for $210M in cash. Atlantic Trust, which manages ~$20B in assets, allows CIBC to expand into the U.S. private wealth management market. The deal is expected to close in 2H13, be accretive to CIBC's FY14 EPS, and lower the bank's Basel III Tier 1 ratio by 20 bps. Invesco is holding a CC at 4:30PM ET (webcast). (PR)

    | Apr. 11, 2013, 4:28 PM
  • Jul. 15, 2011, 7:58 AM
    CIBC (CM) purchases a 41% stake in American Century Investments for $848M in a move to shore up its international asset management base. CIBC will hold 10.1% of the firm's voting rights and have two reps on the board.
    | Jul. 15, 2011, 7:58 AM