Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices

Report on Business

Streetwise

Streetwise gives you news and analysis on Bay Street and the world of finance
available exclusively to subscribers of Globe Unlimited

Entry archive:

PrivateBancorp sets May date for vote on CIBC takeover bid Add to ...

Subscribers Only

Chicago-based PrivateBancorp Inc. has set a new date when shareholders will determine whether to accept a takeover offer from Canadian Imperial Bank of Commerce.

The U.S. bank said Monday that votes will be tallied at a special meeting “on or about May 4, 2017.”

Last June, CIBC made a bid to buy PrivateBancorp, often called PrivateBank, for a mix of cash and stock that was worth $4.9-billion (Canadian), or about $47 (U.S.) a share at the time. The proposed acquisition is the core of CIBC’s strategy to expand its presence in the United States at a moment when several Canadian banks are looking south of the border for opportunities to grow.

Report Typo/Error

Follow on Twitter: @jembradshaw

Next story

loading

Trending

loading

Most popular videos »

More from The Globe and Mail

Most popular