CIBC, PrivateBancorp Announce Increase In Merger Consideration - Quick Facts

(RTTNews) - CIBC (CM.TO, CM) and PrivateBancorp, Inc. (PVTB) announced they have entered into a second amendment that increases the cash consideration under the previously amended merger agreement. Under the amended agreement, PrivateBancorp stockholders will receive, upon completion of the proposed merger with CIBC, an additional $3.00 in cash for each share of common stock of PrivateBancorp held, which consideration in the aggregate will be equal to $27.20 in cash and 0.4176 of a CIBC common share for each share of common stock of PrivateBancorp held.

PrivateBancorp said, to allow its stockholders to participate in the next quarterly dividend payable in respect of CIBC common shares after the merger, CIBC intends to adjust the anticipated June 28, 2017, record date for its next quarterly dividend to a date following the effective date of the merger, in the event that the merger is imminent but has not been consummated as of June 28, 2017.