Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices

Report on Business

Streetwise

News and analysis on Bay Street and the world of finance
available exclusively to subscribers of Globe Unlimited

Entry archive:

Proxy adviser knocks CIBC’s big takeover bid, CEO unfazed Add to ...

Subscribers Only

Canadian Imperial Bank of Commerce’s chief executive officer is confident investors will bless his $4.9-billion bid for Chicago-based PrivateBancorp next week, despite the objection of one major proxy adviser.

In June, CIBC agreed to acquire PrivateBancorp, a private and commercial bank with about 18-billion (U.S) in assets, for a mix of cash and stock. If approved, the deal will be the biggest in CIBC’s history and will boost the bank’s presence in the U.S., recasting the perception that it is overly exposed to Canada.

Report Typo/Error

Follow us on Twitter: @GlobeBusiness

Next story

loading

In the know

The Globe Recommends

loading

Most popular videos »

Highlights

More from The Globe and Mail

Most popular