Skip to main content

Chicago Merc Raises Bid

  • Author:
  • Updated:

[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 Inc.'s share-based bid valued at $11.09bn. ICE says it will launch a proxy fight to stop the Merc deal when CBTH shareholders vote on the acquisition July 9.
Earlier this week, The Department of Justice tentatively approved the offer, saying it did not raise anti-trust concerns.
This morning, ICE shares rose 1.5% to $150. CBOT lost 0.2% to $201.10 and CME shares dropped negligibly to $551.17.
Chicago Mercantile Exchange To Sweeten Bid for CBOT [WSJ]
Chicago Mercantile Exchange Ups Bid for CBOT [NYT]