CIBC is offering to buy Chicago-based PrivateBancorp, Inc. in a friendly deal valued at $4.9 billion Canadian, or $3.8 billion U.S., as it seeks to grow its presence in the U.S. banking sector. Following the announcement, the U.S. bank’s stock jumped to about $45.46 U.S. in pre-market trade, from $35.93 at the close. Meanwhile, CIBC’s stock dropped about 1.5 per cent in pre-market trading. The Toronto-based bank’s offer is about 30.8 per cent above the Tuesday closing price for PrivateBancorp’s shares. The deal requires various approvals, including from the Chicago bank’s shareholders.

Source: thestar June 29, 2016 13:18 UTC