Market Overview

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

The 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

The Deal:
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

The Rumor:
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%.

Posted-In: News Rumors M&A


Related Articles (APO + CM)

View Comments and Join the Discussion!