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PrivateBancorp Inc (NASDAQ:PVTB) Investor Lawsuit Against Acquisition By CIBC

  • If you purchased shares of PrivateBancorp Inc (NASDAQ:PVTB) and currently hold any of those NASDAQ:PVTB shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
PrivateBancorp, Inc.
Security
NASDAQ: PVTB

Case Name
PrivateBancorp Deal Case 06/13/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

July 13, 2016 (Shareholders Foundation) - An investor, who currently holds shares of PrivateBancorp Inc (NASDAQ:PVTB), filed a lawsuit in effort to halt the proposed takeover of PrivateBancorp Inc by CIBC for a value of approximately $47 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PVTB stockholders by agreeing to sell PrivateBancorp Inc too cheaply via an unfair process to CIBC.

On June 29, 2016, CIBC announced that it has entered into an agreement to acquire PrivateBancorp, Inc. and its subsidiary. Under the terms of the transaction CIBC will pay US$18.80 in cash and 0.3657 of a CIBC (TSX: CM) (NYSE: CM) common share for each share of PrivateBancorp common stock. Based on the June 28, 2016 closing price of CIBC’s common shares on the New York Stock Exchange (US$77.11), the total transaction value is approximately US$3.8 billion (C$4.9 billion) or US$47.00 of value per share of PrivateBancorp common stock at announcement.

However, plaintiff claims that the proposed consideration NASDAQ:PVTB shareholders will receive is grossly inadequate and undervalues PrivateBancorp Inc. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:PVTB stockholder.

Shares of PrivateBancorp Inc (NASDAQ:PVTB) closed on July 13, 2016 at $44.08 per share.