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

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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.

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