May 4 (Reuters) - Canadian Imperial Bank of Commerce CM.TO raised its takeover offer for PrivateBancorp Inc PVTB.O for the second time, highlighting the company's desire to diversify into the U.S. market.
The company said on Thursday it would offer $27.20 in cash, $3 more than its previous offer. It left the stock component of the offer unchanged at 0.4176. in March had raised its takeover offer for PrivateBancorp by 20 percent to about $4.9 billion, after some of the Chicago-based lender's shareholders opposed the initial bid.