CBOT postpones meeting on merger votes |
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Published
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Wed, 21 Mar 2007 00:55
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CHICAGO (AP) - CBOT Holdings Inc. said Tuesday it postponed a stockholder meeting to vote on a proposed merger with Chicago Mercantile Exchange Holdings Inc. so that it can continue to review a rival bid.CBOT Holdings shareholders and members of the company's Chicago Board of Trade were to meet on April 4 to vote on the $8 billion offer from Chicago Mercantile Exchange Holdings.But CBOT Holdings said it needs more time to complete its review of a bid from IntercontinentalExchange Inc., worth $9.9 billion.CBOT Holdings said its merger agreement with Chicago Mercantile Exchange Holdings is still in effect, and it plans to announce a new meeting date once it is established. CBOT Holdings said its board and special transaction committee are still recommending shareholders vote in favor of the Chicago Mercantile Exchange deal.CBOT Holdings said it doesn't plan to make any more comments about ICE's offer until after it completes its review.CBOT Holdings rose $1.19 to close at $197.90 on the New York Stock Exchange.Chicago Mercantile Exchange Holdings rose $2.20 to close at $532.45 on the NYSE.InterContinental Exchange rose $1.90 to close at $129.89 on the NYSE.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Chicago Mercantile Exchange announces meeting with CBOT shareholders, members 