December 7, 2016 / 1:01 PM / 2 years ago

PrivateBancorp postpones shareholder vote on takeover by CIBC

TORONTO, Dec 7 (Reuters) - Chicago-based PrivateBancorp on Wednesday postponed a shareholder vote due Thursday on a proposed takeover by Canadian Imperial Bank of Commerce saying shareholders needed more time to consider it.

“In view of the significant changes to trading market conditions over the past few weeks, we believe it is in the best interests of all of PrivateBancorp’s stockholders to have additional time to consider the value and long-term strategic benefits of this transaction,” it said in a statement.

Reporting by Matt Scuffham

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