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ISS not swayed by boosted bid for PrivateBancorp

Published 05/01/2017, 10:02 AM
© Reuters.  ISS not swayed by boosted bid for PrivateBancorp
PVTB
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  • Canada's CIBC (NYSE:CM) late in March boosted its bid for PrivateBancorp (PVTB +0.2%) to a deal value worth just north of $60 at the time.
  • It's still not enough, says Institutional Shareholder Services. Noting the heavy stock component of the deal, ISS says PVTB owners will be getting only a modest premium, if not a discount, to the current open market price ($57.87 at the moment).
  • CIBC is down more than 6% since the revised bid.
  • Now read: Canada's Subprime Lenders Collapse; Has The Bubble Popped?


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