CIBC to Acquire PrivateBancorp in Cash, Stock Deal
The Deal:
CIBC CM announced Wednesday, that it has entered into a definitive agreement to acquire PrivateBancorp, Inc. 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
The Rumor:
Diamond Resorts International, Inc. 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 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
The Rumor:
Share of NetApp NTAP rose Wednesday on unconfirmed market chatter of a potential offer from Cisco 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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