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CORRECTED-CIBC raises offer for PrivateBancorp to about $4.9 billion
March 30, 2017 / 1:41 PM / 8 months ago

CORRECTED-CIBC raises offer for PrivateBancorp to about $4.9 billion

(Corrects paragraph 2 to say “earlier $3.8 billion offer” not “earlier $2.9 billion offer”)

March 30 (Reuters) - Canadian Imperial Bank of Commerce raised its offer for PrivateBancorp Inc ahead of a June deadline.

CIBC said it offered about $4.9 billion in cash and stock, up from the earlier $3.8 billion offer.

CIBC announced the acquisition in June last year, but the plan has been in doubt since PrivateBancorp postponed a shareholder vote to approve it in December after some investors said they would reject the offer. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

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