ICE seeking to merge with CBOT

Discussion in 'Wall St. News' started by makloda, Mar 15, 2007.

  1. http://biz.yahoo.com/rb/070315/cbot_ice_merger.html?.v=1

    OCA RATON, Florida (Reuters) - IntercontinentalExchange Inc. (NYSE:ICE - News) said on Thursday it has proposed a merger with CBOT Holdings Inc. (NYSE:BOT - News) thorough a stock-for-stock transaction.

    ICE said CBOT shareholders would own 51.5 percent of the combined company. The bid values CBOT at $187.34 per share.

    The surprise bid comes at a time when CBOT is thought to be in the final stages of combining with the Chicago Mercantile Exchange (NYSE:CME - News), the largest U.S. futures exchange.

    CBOT members are set to vote in early April on whether to approve the CME deal, which was announced in October and is awaiting approval from the U.S. Department of Justice.