TORONTO — PrivateBancorp has set the date for its shareholders to vote on a deal that could see CIBC buy the Chicago-based lender.
The U.S. bank announced Monday that its special meeting to vote on the acquisition is now expected to be held on or about May 4.
Previously, a shareholder vote scheduled for last December was postponed after shares of PrivateBancorp rose above the value implied in the proposed takeover deal, which was announced last June.
At the time, PrivateBancorp said its shareholders needed more time to consider the transaction.
The acquisition of PrivateBancorp would allow CIBC (TSX:CM) to expand its business in the U.S. amid slowing loan growth at home.
CIBC is Canada's fifth largest bank by market capitalization.
The Canadian Press
Note to readers: This is a corrected story. A previous version said PrivateBancorp had moved a shareholders' vote on CIBC's acquisition from June 29 to May 4. A shareholders' vote had not been set for June 29.
