BRIEF-CIBC to acquire PrivateBancorp Inc

Wed Jun 29, 2016 7:09am EDT
 
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June 29 (Reuters) - Canadian Imperial Bank Of Commerce

* CIBC to acquire PrivateBancorp Inc

* CIBC will pay US$18.80 in cash and 0.3657 of a CIBC common share for each share of PrivateBancorp common stock

* Transaction is expected to be accretive to CIBC's adjusted earnings per share in year 3

* Says total transaction value is approximately us$3.8 billion ( C$4.9 billion )

* Canadian Imperial Bank of Commerce says expects to maintain a common equity tier (CET) 1 ratio at closing of at least 10 per cent

* Transaction will significantly expand CIBC's reach in North America

* Canadian Imperial Bank of Commerce says PrivateBancorp will remain headquartered in Chicago and retain its Illinois state banking charter

* Says total transaction value is about US$47.00 of value per share of PrivateBancorp common stock

* Canadian Imperial Bank of Commerce says anticipates completing transaction during first calendar quarter of 2017

* Larry Richman will remain president and CEO of PrivateBancorp and PrivateBank Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)