TORONTO, Dec. 7, 2016 /CNW/ - CIBC (TSX: CM) (NYSE:
CM) today commented on the announcement by PrivateBancorp, Inc.
(NASDAQ: PVTB) that the PrivateBancorp Board of Directors has
postponed the Special Meeting of Shareholders scheduled for
December 8, 2016, to approve the
merger with CIBC.
PrivateBancorp has announced that a new record date for the
meeting is expected to be set for early in the first calendar
quarter of 2017. The new record date, as well as the new date, time
and location for the special meeting, will be announced at a future
date.
"We remain committed to this transaction on the agreed terms,
which were established by both companies based on our analysis of
the fundamental, long-term merits of the combination," says
Victor Dodig, President and CEO of
CIBC. "We continue to believe the cash and stock consideration in
this transaction provides significant immediate and long-term value
to PrivateBancorp shareholders. We look forward to continuing to
work closely with PrivateBancorp to complete the transaction and
realize the significant strategic benefits to both companies and
their shareholders."
Both parties continue to work to secure all required regulatory
approvals as well as to continue development of detailed
integration plans.
About CIBC
CIBC is a leading Canadian-based global
financial institution with 11 million personal banking and business
clients. Through our three major business units - Retail and
Business Banking, Wealth Management and Capital Markets - CIBC
offers a full range of products and services through its
comprehensive electronic banking network, branches and offices
across Canada with offices in
the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at www.cibc.com/ca/media-centre/ or by following on Twitter
@CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
SOURCE Canadian Imperial Bank of Commerce