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BRIEF-CIBC and PrivateBancorp announce increase in consideration under amended merger agreement
May 4, 2017 / 11:55 AM / 3 months ago

BRIEF-CIBC and PrivateBancorp announce increase in consideration under amended merger agreement

2 Min Read

May 4 (Reuters) - Canadian Imperial Bank Of Commerce

* Cibc and privatebancorp announce increase in consideration under amended merger agreement

* Privatebancorp inc - terms provide additional us$3.00 cash

* Privatebancorp inc- amendment that increases cash consideration under previously amended merger agreement

* Privatebancorp inc - privatebancorp board of directors unanimously recommends stockholders vote in favor of amended agreement

* Privatebancorp inc- amended agreement values privatebancorp at approximately us$4.9 billion

* Privatebancorp - under amended agreement, consideration in aggregate will be $27.20 in cash, 0.4176 of cibc share for each share of co held

* Privatebancorp inc- terms of amended agreement represent cibc's best and final offer to privatebancorp stockholders

* Privatebancorp - cibc to satisfy consideration payable to co by paying about us$2.2 billion in cash and issuing approximately 33.5 million cibc common shares

* Privatebancorp inc - cibc expects transaction will be accretive to earnings per share within three years of closing date

* Privatebancorp inc - cibc intends to adjust anticipated june 28, 2017 record date for its next quarterly dividend Source text for Eikon: Further company coverage:

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