- 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.