An investigation on behalf of investors of PrivateBancorp Inc (NASDAQ:PVTB) in connection with the proposed takeover was announced and NASDAQ:PVTB stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/07/2016 -- An investigation was announced for investors, who currently hold shares of PrivateBancorp Inc, concerning whether the takeover of for a value of approximately $47 per share is unfair to NASDAQ:PVTB stockholders.
Investors who purchased shares of PrivateBancorp Inc (NASDAQ:PVTB) and currently hold any of those NASDAQ:PVTB shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of PrivateBancorp Inc breached their fiduciary duties owed to NASDAQ:PVTB investors in connection with the proposed acquisition.
On June 29, 2016, CIBC announced that it has entered into an agreement to acquire Chicago, IL based 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, the investigation concerns whether the offer is unfair to NASDAQ:PVTB stockholders. More specifically, the investigation concerns whether the PrivateBancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of PrivateBancorp Inc (NASDAQ:PVTB) closed on July 5, 2016 at $43.58 per share.
Those who are current investors in PrivateBancorp Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com