Canadian Imperial Bank of Commerce agreed to buy PrivateBancorp Inc. and one of its units to boost its U.S. presence.
CIBC will pay $18.80 in cash and 0.3657 of a CIBC common share for each PrivateBancorp share, it said in a statement on Wednesday. Based on the June 28 closing price of CIBC’s stock, the transaction value is about $3.8 billion, it said.
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