CBOT Holdings Inc., holding company for the Chicago Board of Trade (CBOT), canceled special meetings of CBOT Holdings stockholders and CBOT members to vote on the proposed merger with Chicago Mercantile Exchange Holdings Inc. (CME) (see Daily GPI, Oct. 18, 2006).
The meetings were scheduled for April 4 and have been postponed to give CBOT Holdings and CBOT time to review a competing proposal from IntercontinentalExchange Inc. (ICE). CBOT said updated proxy materials will be distributed at the time of the rescheduled meeting.
The merger agreement with CME remains in effect, and the CBOT Holdings board has not withdrawn, modified or qualified the recommendation that stockholders vote in favor of the merger agreement with CME.
CBOT Holdings said it does not intend to comment further on the ICE proposal until a review is completed.
"We are pleased that the CBOT board has concluded it is best to take more time to properly evaluate the ICE offer," said ICE CEO Jeffrey C. Sprecher.
On Tuesday CME said it will meet Thursday with shareholders of CBOT Holdings Inc. and members of CBOT to reiterate the advantages of its proposal and provide its views on the ICE proposal made last week (see Daily GPI, March 16; March 21).
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