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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Privatebancorp, Inc. | NASDAQ:PVTB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 60.97 | 60.50 | 60.90 | 0 | 01:00:00 |
Canadian Imperial Bank of Commerce on Wednesday said it agreed to buy PrivateBancorp Inc., a Chicago-based middle-market commercial bank, for about $3.8 billion in cash and stock, as CIBC looks to expand its reach in North America.
CIBC said it would swap $18.80 in cash plus 0.3657 CIBC shares, which closed Tuesday at $77.11, for each share of PrivateBancorp, valuing the deal at $47 a share—a 31% premium over PrivateBancorp's closing price of $35.93 on Tuesday.
PrivateBancorp stock has fallen 19% over the past month but rose 27% in premarket trading to $45.46. CIBC stock has remained inactive in premarket trading.
CIBC said the acquisition would allow it to deliver banking services to clients in the U.S., specifically to those of Atlantic Trust, a private wealth-management firm that CIBC acquired in its fiscal 2014.
For PrivateBancorp, the deal brings added financial strength, the benefits of a bigger bank and the ability to provide banking services in Canada. As of March 31, PrivateBancorp had $17.7 billion in assets.
Toronto-based CIBC recently sold its 41% minority stake in U.S. wealth manager American Century Investments to Japanese financial-services firm Normura Holdings Inc. for about $1 billion. CIBC acquired its 41% interest in American Century in 2011 for $848 million.
Write to Brittney Laryea at brittney.laryea@wsj.com
(END) Dow Jones Newswires
June 29, 2016 07:55 ET (11:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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