Glazer capital, llc issues open letter to shareholders of privatebancorp, inc

On June 29, 2016, Canadian Imperial Bank of Commerce (“CIBC”) announced 1 an agreement to acquire PrivateBancorp, Inc. Fd interest rates in union bank of india (“PrivateBancorp” or the “Company”) for cash and stock consideration (the “CIBC Merger”) then valued at $47.00 per share, a 31% premium to PrivateBancorp’s prior closing price of $35.93 (the “Unaffected Price”) on June 28, 2016. Commercial bank interest rates Since then, we have witnessed a seismic shift in the valuation of regional banks, rendering inadequate the merger consideration and obsolete the fairness opinions provided by Goldman Sachs (“Goldman”) and Sandler O’Neill (“Sandler”). Td bank interest rates Glazer Capital, LLC (“Glazer Capital”) is the beneficial owner of 1,000,000 shares of PrivateBancorp, and our sole interest is to ensure that all shareholders receive full and fair value for their investment in the Company.

We join Institutional Shareholder Services (“ISS”) in calling on shareholders to reject the CIBC Merger, as presently structured, at the special meeting of PrivateBancorp shareholders scheduled to be held on December 8, 2016 (the “Special Meeting”). All bank interest rates As we demonstrate herein, shareholders have very little to lose by rejecting the CIBC Merger, but a lot to gain.

PrivateBancorp’s shareholders are being asked to approve a transaction on December 8, 2016 that offers what is now at best a negligible premium, and more likely a discount, to PrivateBancorp’s standalone fair value. Bank of interest rates on fixed deposit It is important to understand that the merger agreement signed by PrivateBancorp and CIBC contractually compels the Board of Directors of PrivateBancorp (the “Board”) to maintain its recommendation in favor of the CIBC Merger and to present the merger to shareholder for approval at the upcoming Special Meeting, forcing PrivateBancorp shareholders to take matters into their own hands by voting against the CIBC Merger. Federal bank interest rates for fixed deposits It is equally important to understand that a rejection of the CIBC Merger on December 8 th would not cause the termination of the Merger Agreement, as PrivateBancorp would be contractually obligated to adjourn or postpone the Special Meeting up to two times in the event that shareholders fail to approve the CIBC Merger.

Interest rates on bank deposits in india What this would do, however, is unequivocally demonstrate to the boards of both PrivateBancorp and CIBC that PrivateBancorp’s shareholders demand an adequate premium to standalone value in order to approve a merger proposal, and that they refuse to allow CIBC to reap the windfall resulting from the recent significant increase in bank valuations.

We hope that it is as clear to you as it is to us and to ISS that voting against the CIBC Merger is a low risk method of pursuing the maximum value that we shareholders deserve for our investment in the shares of PrivateBancorp.

It is clear from the share prices of regional banks that market participants expect them to prosper under the Trump administration, based on, we believe, the likelihood of less restrictive regulation of regional banks, lower corporate taxes and higher interest rates. Icici bank interest rates on fd Since June 28, 2016, the day preceding the announcement of the agreement with CIBC, shares of the 18 comparable companies (“peers”) selected by Goldman in its fairness opinion (page 52 of the proxy statement 2) and shares of the 20 peers selected by Sandler in its fairness opinion (page 65 of the proxy statement 2) have, on average, appreciated in excess of 40% (Table 1). All bank home loan interest rate list 2014 Shareholders of PrivateBancorp, however, are being offered merger consideration worth only 32% more than PrivateBancorp’s Unaffected Price. Bank loan interest rates philippines 2016 If PrivateBancorp’s shareholders approve the CIBC Merger at the Special Meeting, they will forfeit the opportunity to reap the benefit of the recent seismic shift in the value ascribed to asset sensitive regional banks. Normal bank interest rates The proposed CIBC Merger is more aptly a takeunder, not a takeover.

We believe that PrivateBancorp’s shares have underperformed the averages of two diversified groups of companies deemed comparable to it by Goldman Sachs and Sandler O’Neill because:

Financial media and Wall Street analysts appear to attribute the recent material share price appreciation of US mid-tier banks to the fact that the interest rate and regulatory environments under a Trump administration are expected to be favorable to smaller banks. Highest bank interest rates It is hard to conceive of a reason that, absent the CIBC Merger, the shares of PrivateBancorp, a premier Chicago based, asset sensitive bank with a C&I loan book primed to benefit from rising short term interest rates, would not have appreciated at least commensurately with the 40% average share price appreciation achieved by its peers. Canadian bank interest rates comparison Had PrivateBancorp’s shares increased by 40% since June 28, 2016, its share price would be $50.30 before any takeover premium.

For the aforesaid reasons, we believe that the CIBC Merger woefully shortchanges PrivateBancorp shareholders. We applaud ISS for rejecting a ‘rubber-stamp’ approach and we challenge Glass Lewis and Egan Jones to reassess the CIBC Merger through the same pragmatic lens. We urge you to preserve your ability to receive full and fair value for your investment in PrivateBancorp by voting against the CIBC Merger at the upcoming Special Meeting. Latest bank interest rates in malaysia Do not leave money on the table. All bank fixed deposit interest rates Send a message to the boards of PrivateBancorp and CIBC that you believe the merger consideration offered by CIBC to be woefully inadequate.

Certain statements contained in this letter, and the documents referred to in this letter, are “forward-looking statements” and are prospective. Highest bank interest rates in the world These statements may be identified by their use of forward-looking terminology such as the words “expects”, “projects”, “believes”, “anticipates”, “intends” or other similar words. Interest rates on bank fixed deposits in india Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All nationalised banks fixed deposit interest rates These statements are subject to inherent risks and uncertainties surrounding future expectations. Bank fd interest rates 2013 Important factors that could cause actual results to differ materially from the expectations set forth in this letter include, among other things, the factors identified under the section entitled “Risk Factors” of PrivateBancorp’s special meeting proxy statement and other risk factors contained in PrivateBancorp’s Annual Report on Form 10-K for the year ended December 31, 2015. Axis bank current interest rates on fixed deposits Such forward-looking statements should therefore be construed in light of such factors, and Glazer Capital is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Glazer Capital LLC, a Registered Investment Adviser with the U.S. Bank of india interest rates 2013 Securities and Exchange Commission, is a New York City based investment management firm founded by Paul J. Different bank interest rates Glazer in 1999. Compare bank interest rates savings accounts australia We aim to achieve stable and superior performance in all market environments through our disciplined investment approach and research driven methodology.

2 Joint PrivateBancorp / CIBC Proxy Statement / Prospectus, October 31, 2016,

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