Nod for CIBC’s bid for PrivateBancorp

TORONTO: PrivateBancorp Inc investors approved a US$4.9 billion (RM21.2 billion) takeover by Canadian Imperial Bank of Commerce (CIBC) after the lender sweetened its deal to win over shareholders. The majority of PrivateBancorp shareholders endorsed CIBC’s bid, said the lender. Some 52.9 million votes supported the deal, according to a regulatory filing. CIBC first proposed the acquisition on June 29, and in its latest offer agreed to pay US$27.20 in cash and 0.4176 of a CIBC common share for each. Agencies