CIBC raises offer for PrivateBancorp to $4.9 bln: Reuters

Canadian Imperial Bank of Commerce said it has raised its offer for PrivateBancorp Inc by 20 percent to about US$4.9 billion, after some of the Chicago-based lender's shareholders opposed an initial bid. The move came ahead of a June 29 deadline for the deal to be approved and about nine months after the Canadian bank made its initial US$3.8 billion stock-and-cash offer. If successful, the acquisition would be CIBC's biggest. "I like the new offer. Without a competing bid, it seems like full-and-fair value," said David Neuhauser, managing director of U.S. hedge fund Livermore Partners, which owns PrivateBancorp shares.

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