Benzinga's M&A Chatter for Wednesday June 29, 2016
The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday June 29, 2016:
CIBC to Acquire PrivateBancorp in Cash, Stock Deal
CIBC (NYSE: CM) announced Wednesday, that it has entered into a definitive agreement to acquire PrivateBancorp, Inc. (NASDAQ: PVTB) and its subsidiary, The PrivateBank for $18.80 in cash and 0.3657 of a CIBC common share for each share of PrivateBancorp common stock. The transaction is expected to close during Q1 of 2017.
PrivateBancorp closed Wednesday at $44.29, up 23.27%.
Apollo Global to Acquire Diamond Resorts for ~$2B
Diamond Resorts International, Inc. (NYSE: DRII) announced Wednesday, that it has entered into an agreement and plan of merger, under which affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) will acquire Diamond Resorts for $30.25 per share, for a total of approximately $2.2 billion. The transaction is expected to close over the next few months
Diamond Resorts closed Wednesday at $29.79 on Wednesday up 23.76%.
Chatter of Potential Bid by Cisco for NetApp
Share of NetApp (NASDAQ: NTAP) rose Wednesday on unconfirmed market chatter of a potential offer from Cisco (NASDAQ: CSCO). "Sources" said Cisco is working with bankers on putting together a deal in the range of $29 to $31 per share.
Spokespersons for Cisco and NetApp declined comment to Benzinga on the rumor.
NetApp closed at $24.47 on Wednesday, up 5.57%.
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