InterContinental Exchange Inc. (ICE) Bids for CBOT Holdings Inc. (BOT)
The 159-year-old Chicago Board of Trade found itself the target of a possible bidding war Thursday when electronic futures market IntercontinentalExchange Inc. made a surprise $9.9 billion all-stock bid, threatening its deal to merge with the crosstown Merc.
Investors pushed the shares of parent CBOT Holdings Inc. to a record high in anticipation of a sweetened offer by Chicago Mercantile Exchange Holdings Inc.
The unsolicited bid by Atlanta-based ICE, a relative upstart in the futures and commodities industry, comes less than three weeks before CBOT shareholders are scheduled to vote April 4 on an all-Chicago deal. The Merc's parent company and its century-long rival agreed last October to unite and form the world's largest futures exchange, with CME paying $8 billion.
Investors pushed the shares of parent CBOT Holdings Inc. to a record high in anticipation of a sweetened offer by Chicago Mercantile Exchange Holdings Inc.
The unsolicited bid by Atlanta-based ICE, a relative upstart in the futures and commodities industry, comes less than three weeks before CBOT shareholders are scheduled to vote April 4 on an all-Chicago deal. The Merc's parent company and its century-long rival agreed last October to unite and form the world's largest futures exchange, with CME paying $8 billion.
Labels: BOT, CBOT Holdings Inc., ICE, InterContinental Exchange Inc.
posted by Stock Administrator @ 7:28 PM
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