May 4 (Reuters) - Canadian Imperial Bank of Commerce raised its takeover offer for PrivateBancorp Inc for the second time, highlighting the company’s desire to diversify into the U.S. market.
The company said on Thursday it would offer $27.20 in cash, $3 more than its previous offer. It left the stock component of the offer unchanged at 0.4176.
CIBC in March had raised its takeover offer for PrivateBancorp by 20 percent to about $4.9 billion, after some of the Chicago-based lender’s shareholders opposed the initial bid. (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)