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Here’s Why These Five Stocks Are On the Move on Wednesday

PrivateBancorp Sells Itself

PrivateBancorp Inc (NASDAQ:PVTB) is 23% in the green today after the bank agreed to sell itself to CIBC for $18.80 in cash and 0.3657 of CIBC common shares for each share of PrivateBancorp common stock. Based on June 28 prices, that translates to a total transaction value of $3.8 billion, or $47 per share. CIBC is buying PrivateBancorp to expand its American presence. Among the funds we track, 16 funds owned shares of PrivateBancorp Inc (NASDAQ:PVTB) at the end of the first quarter. Among them was Ken Fisher’s Fisher Asset Management with more than 1.4 million shares.

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Southwestern Retreats on Share Offering

Although crude prices are in the green today, Southwestern Energy Company (NYSE:SWN) is over 6% lower on the back of a planned offering of 75 million common shares. In addition, the company has granted underwriters a traditional 30-day option to buy another 11.25 million shares of its common stock. Southwestern plans to use some of the proceeds to repay $375 million of a $750 million term loan and for general corporate purposes. A total of 28 funds from our database owned shares of Southwestern Energy Company (NYSE:SWN) at the end of March, down by four funds from the previous quarter.

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Blue Buffalo Prices Offering

Blue Buffalo Pet Products Inc (NASDAQ:BUFF) is in the spotlight after the company priced its secondary offering of 15 million shares at $22 a piece. The underwriters of the deal have the customary 30-day option to buy an additional 2.25 million shares at $22 per share as well. The secondary offering is from existing stockholders of Blue Buffalo and not from the company itself. At the end of the first quarter, 12 funds owned shares of Blue Buffalo Pet Products Inc (NASDAQ:BUFF), down by four funds from the previous quarter.

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Disclosure: none

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