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Exchange Love Triangle: Merc Ups Offer Before Shareholder Vote

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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 IntercontinentalExchange, but enough to win the support of Caledonia Investments, a major CBOT shareholder that previously resisted the Merc's advances. The CBOT board has favored the cross-town merger since talks began last October and both CBOT and CME believe enough shareholder support now exists to push the deal through.
Unable to take a hint, ICE sent a letter to top CBOT officials on Tuesday saying it would consider sweetening its bid, the Wall Street Journal reports. Nonetheless, expect a new Chicago superexchange to come into being on Monday.

CME Sweetens CBOT Bid Ahead of Next Week's Vote
[Wall Street Journal]