June 29 (Reuters) - Canadian Imperial Bank Of Commerce
CM.TO
* CIBC to acquire PrivateBancorp Inc
* CIBC will pay US$18.80 in cash and 0.3657 of a CIBC common
share for each share of PrivateBancorp common stock
* Transaction is expected to be accretive to CIBC's adjusted
earnings per share in year 3
* Says total transaction value is approximately us$3.8
billion ( C$4.9 billion )
* Canadian Imperial Bank of Commerce says expects to
maintain a common equity tier (CET) 1 ratio at closing of at
least 10 per cent
* Transaction will significantly expand CIBC's reach in
North America
* Canadian Imperial Bank of Commerce says PrivateBancorp
will remain headquartered in Chicago and retain its Illinois
state banking charter
* Says total transaction value is about US$47.00 of value
per share of PrivateBancorp common stock
* Canadian Imperial Bank of Commerce says anticipates
completing transaction during first calendar quarter of 2017
* Larry Richman will remain president and CEO of
PrivateBancorp and PrivateBank
Source text for Eikon: ID:nCNWtDx0Ha
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