PrivateBancorp: Glass Lewis & Egan-Jones Recommend Proposed Acquisition By CIBC

(RTTNews) - PrivateBancorp, Inc. (PVTB) announced that Glass Lewis and Egan-Jones, two independent proxy voting and corporate governance advisory firms, recommended the company's stockholders vote for the proposed acquisition of PrivateBancorp by Canadian Imperial Bank of Commerce (CM.TO, CM) at the special meeting scheduled for December 8, 2016.

James Guyette, Chairman of the Board of PrivateBancorp, commented on the recommendation from Institutional Shareholder Services: "We disagree with ISS's recommendation. Notwithstanding the recent rally in bank stocks, we remain fully committed to this transaction which provides PrivateBancorp stockholders the certainty of a significant cash payment, as well as the opportunity to participate in the future growth and value creation of the combined company."