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Vedder Thinking | News Vedder Price Advises PrivateBancorp on $3.8 Billion Deal

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Vedder Price is pleased to announce that it advised Chicago-based PrivateBancorp, Inc. in connection with its entry into a definitive agreement to be acquired by Toronto-based Canadian Imperial Bank of Commerce (CIBC) in a transaction valued at approximately $3.8 billion.

The Vedder Price team of shareholders Robert Stucker, Thomas Desmond, Philip Mowery and associates Jessica Winski and Benjamin Hartsock acted as one of two external firms advising PrivateBancorp on the deal. Mr. Stucker commented, “Our team at Vedder has tremendous success in providing effective counsel on behalf of our clients. We are proud to have assisted our long-standing client PrivateBancorp in this important transaction.”

According to CIBC’s press release, it will pay US$18.80 in cash and 0.3657 of a CIBC 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. The transaction is expected to close during the first calendar quarter of 2017, subject to satisfaction of customary closing conditions, including approval by PrivateBancorp’s shareholders and receipt of regulatory approvals.

Over the last two years, Vedder Price has assisted in 20 bank merger and acquisition transactions with aggregate announced deal value exceeding $5.5 billion.


Thomas P. Desmond


Philip L. Mowery