PrivateBancorp Inc. investors approved a US$4.9 billion takeover by Canadian Imperial Bank of Commerce after the Toronto-based lender sweetened its deal twice to win over shareholders.
The majority of PrivateBancorp shareholders endorsed CIBC’s bid, the Chicago-based lender said Friday in a statement following a vote at a special meeting. CIBC first proposed the acquisition on June 29, and in its latest offer agreed to pay US$27.20 in cash and 0.4176 of a CIBC common share for each PrivateBancorp share.