Nod for CIBC’s bid for Pri­vateBan­corp

New Straits Times - - Business -

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

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