PrivateBancorp Inc. (PVTB) Has Jumped To A New High On Merger News

PrivateBancorp Inc. (PVTB) and CIBC (CM) announced Thursday morning that they have entered into an amended merger agreement. Shareholders of PrivateBancorp will receive US$24.20 in cash and 0.4176 of a CIBC common share for each share of PrivateBancorp held.

PrivateBancorp has gapped open sharply higher Thursday and is now up 3.65 at $59.85 on above average volume. The stock has leaped past resistance and has set a new high for the year.

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