A PrivateBancorp investor is urging other shareholders to reject the Chicago company's proposed sale to CIBC in Toronto.

Glazer Capital in New York, which owns about 1.3% of the $19.1 billion-asset PrivateBancorp's stock, wrote in a letter that a "seismic shift in the valuation of regional banks" since June, when the $3.8 billion deal was announced, had rendered fairness opinions issued during negotiations "obsolete."

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