• Chicago, Exchanges, Mergers & Acquisitions

    Exchange Love Triangle: Chicago Exchanges to Merge

    Chicago Board of Trade shareholders accepted an $11.8bn merger proposal from the Chicago Mercantile Exchange yesterday, ending nine months of negotiations and an unremitting rival bid from IntercontinentalExchange. The results of yesterday’s shareholder vote, which will create the world’s largest futures exchange, were announced simultaneously by CBOT and CME last night. CME Group will come […]

    / Jul 10, 2007 at 12:56 PM
  • CBOT, Chicago, Exchanges

    Exchange Love Triangle: Merc Ups Offer Before Shareholder Vote

    With a shareholder vote on Monday, the Chicago Mercantile Exchange increased its bid for the Chicago Board of Trade again today, all but securing a deal set to create the largest derivatives exchange in the world. The new Merc bid is valued at $11.3bn, still short of the rival $11.4bn offer from the Atlanta based […]

    / Jul 6, 2007 at 12:22 PM
  • Chicago

    Exchange Love Triangle: Strong Words From ICE

    IntercontinentalExchange made another move to block the Chicago Mercantile Exchange’s bid for the Chicago Board of Trade today, this time sending a letter to all CBOT shareholders calling the potential merger a “bargain basement sale.” Last week ICE filed a preliminary proxy statement with the SEC after CME upped its offer to $10.6bn, still $1.3bn […]

    / Jun 21, 2007 at 3:05 PM
  • CBOT, Chicago

    Overpaying for CBOT

    How much is the Chicago Board of Trade really worth? The Chicago Mercantile Exchange upped its offer for the world’s oldest futures and options exchange, this time raising its bid by 14% to $11.7bn. This comes only days after the Merc offered a $485mn dividend to CBOT shareholders. The rival bidder, Intercontinental Exchange still has […]

    / Jun 18, 2007 at 4:04 PM
  • Chicago

    Chicago Merc Raises Bid

    [From Senior Chicago Correspondent Peter Ribic:] Chicago Mercantile Exchange Holdings, the largest U.S. futures exchange, said this morning that it would increase its $10.19bn bid for Chicago Board of Trade Holdings by throwing a $485mn dividend to CBTH shareholders into the deal ($9.14-per-share). The Wall Street Journal reports that CBTH favors this offer over IntercontinentalExchange […]

    / Jun 14, 2007 at 12:12 PM
  • Chicago, I really did invent the question mark, Outrageous claims, traders

    Next You’ll Be Telling Us That Lemon Juice Doesn’t Prevent HIV

    Trader Monthly (a long-term investing publication) submits that Chicago, and not New York, is the “greatest trading city in the world.” Discuss. (And see related). Chicago is “greatest trading city” [Reuters]

    / Jun 8, 2007 at 3:27 PM
  • Banks, Chicago, Morgan Stanley

    Chicago To Morgan Stanley: We Totally Forgive You For That Whole Slavery Thing!

    Just so you know: The lease of four downtown Chicago parking garages to Morgan Stanley will go forward despite objections raised because of the company’s alleged ties to slavery. In a 37-to-8 vote, the Chicago City Council approved the 99-year lease of the garages to the huge banking concern. Alderman Dorothy Tillman says she will […]

    / Nov 2, 2006 at 4:52 PM

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