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CBOT delays shareholder voteNo. 2 futures exchange postpones vote on merger with Chicago Mercantile Exchange, considers rival bid from IntercontinentalExchange.NEW YORK (CNNMoney.com) -- The Chicago Board of Trade has delayed the shareholder vote over its merger with the Chicago Mercantile Exchange, the latest move in the fierce fight for the nation's second-largest futures exchange. CBOT Holdings (Charts), parent of the Chicago Board of Trade, said Tuesday it is postponing the shareholder meeting originally set for April 4 to review a rival offer from IntercontinentalExchange (Charts).  A new date has not been set. CBOT agreed to merge with the Chicago Mercantile Exchange (Charts) last October, but received a competing all-stock offer valued at about $10 billion from IntercontinentalExchange last week. On Monday, CBOT said its board had authorized the company to hold discussions with ICE. IntercontinentalExchange is offering 1.42 IntercontinentalExchange shares per CBOT share, which represents about a 15 percent premium over the Chicago Mercantile Exchange offer. The Chicago Mercantile Exchange plans to meet with CBOT shareholders Thursday to defend its merger agreement. |
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