The deal has drawn high-powered hedge-fund investors. Daniel Loeb's well-known activist investor firm, Third Point LLC, invested in PrivateBancorp late last year and recently had a 3.75% stake, according to FactSet. Another investor, Glazer Capital, said in an open letter to fellow shareholders in December that PrivateBancorp should push for better terms since there had been a "seismic shift" in bank valuations since the deal was first announced. Both Third Point and Glazer Capital declined to comment. Chris McGratty, an analyst at Keefe, Bruyette & Woods, said he would vote no if he were a shareholder. He calculates that PrivateBancorp has a stand-alone value of about $63 per share, and that a buyer should plan to spend a premium price of $70. CIBC's current offer valued PrivateBancorp shares at $58.84 as of Wednesday's closing price, 40 cents above the bank's actual closing price.