Hedge Fund Urges PrivateBancorp To Spurn $3.8B CIBC Offer

Law360, New York (December 1, 2016, 7:01 PM EST) -- Hedge fund Glazer Capital on Thursday urged PrivateBancorp shareholders to vote down a proposed $3.8 billion acquisition by Canada’s CIBC, contending that the deal undervalues the financial services company’s stock based on the “seismic shift” in regional bank valuations.

New York-based Glazer Capital LLC said the cash-and-stock offer from Canadian Imperial Bank of Commerce, which values each PrivateBancorp Inc. share at $47, now undervalues the company because of the uptick in regional bank valuations in the months after the deal was announced in June.

“Since then,...
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