SAN DIEGO, June 29, 2016 /PRNewswire/ -- Shareholder rights
law firm Johnson & Weaver, LLP has launched an investigation
into whether the board members of PrivateBancorp, Inc. (NASDAQ:
PVTB) breached their fiduciary duties in connection with the
proposed sale of the Company to Canadian Imperial Bank of Commerce
(NYSE:CM) ("CIBC").
Additional Information:
PrivateBancorp provides customized business and personal financial
services to middle market companies, business owners, executives,
entrepreneurs, and families in the United
States.
On June 29, 2016, PrivateBancorp
announced it had signed a definitive merger agreement with CIBC.
Under the terms of the agreement, CIBC will pay US$18.80 in cash and 0.3657 of a CIBC common
share for each share of PrivateBancorp common stock. Based on the
June 28, 2016 closing price of CIBC's
common shares on the New York Stock Exchange, the total transaction
value is approximately US$47.00 of
value per share of PrivateBancorp common stock at
announcement. PrivateBancorp shareholders will be subject
to the future volatility and price fluctuation of CIBC's stock. On
this news, CIBC shares were trading down in pre-market.
The investigation concerns whether the PrivateBancorp board
failed to satisfy their duties to the Company shareholders,
including whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for PrivateBancorp shares of common stock. Nationally recognized
Johnson & Weaver is investigating whether the proposed deal
price represents adequate consideration; especially given that the
price target for one Wall Street analyst is $49.00.
If you are a shareholder of PrivateBancorp and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonandweaver.com) at 619-814-4471. If
emailing, please include a phone number where you can be
reached.
About Johnson & Weaver, LLP:
Johnson &
Weaver, LLP is a nationally recognized shareholder rights law firm
with offices in California,
New York and Georgia. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit http://www.johnsonandweaver.com. Attorney
advertising. Past results do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP