Entering text into the input field will update the search result below

CIBC boosts bid for PrivateBancorp; shares climb 6%

  • The deal would now be for $24.20 in cash and 0.4176 shares of CIBC (NYSE:CM -1.7%) for each share of PrivateBancorp (PVTB +5.8%). Based on yesterday's close, it values PVTB at $4.9B, or $60.92 per share - 20% higher than the initial terms from last summer, and valuing the company at 2.7x tangible book value.
  • The deal is hoped to close in Q2.
  • Not enough, says KBW's Chris McGratty. He says PVTB is worth $70.
  • Barclays' John Aiken says the new offer is plenty, and that CIBC owners probably won't like it.
  • PVTB's gain today puts the stock at $59.47.

Recommended For You

Related Stocks

SymbolLast Price% Chg
CM
--
CM:CA
--