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.
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