(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)