In the course of last month, a revised merger contract was announced by PrivateBancorp and CIBC resulting to an undisputed backing from each lenders’ boards.
When the projected merger with CIBC is accomplished, stockholders of PrivateBanCorp will get an amount of US$24.20 in cash and a CIBC typical share of 0.4176 for every share of a communal stock of PrivateBancorp held.
Presider and Chief Executive Officer of CIBC, Victor G. Dodig said; “For CIBC stockholders, completing this acquisition accelerates our strategy of building a strong, innovative and client-focused bank.”
CIBC will have the chance to bank in other countries for their clients in Canada by means of the transaction, making available more facilities to the lender’s current clients in the US and also grow the client relationships of PrivateBancorp.
The agreement is anticipated to be settled in the second quarter of this year.