We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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,...
To view the full article, register now.