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TUESDAY APRIL 03
Hot Commodities: CME on Hold While CBOT Hears Out Intercontinental The Chicago Mercantile Exchange has postponed its shareholder meeting scheduled for today to vote on a merger agreement with the Chicago Board of Trade following CBOT's review of an unsolicited merger from the Intercontinental Exchange. The rescheduled date was not announced. April 2007The Chicago Mercantile Exchange has postponed its shareholder meeting scheduled for today to vote on a merger agreement with the Chicago Board of Trade following CBOT's review of an unsolicited merger from the Intercontinental Exchange. The rescheduled date was not announced. The CME argues that its consistent financial stability, advanced technology, distribution and innovation make its offer a less risky and generally superior option. The Intercontinental Exchange, on the other hand, is a small entity with limited growth opportunities, marked by its lesser global presence, according to the CME. Earlier in March, the company said the Intercontinental Exchange proposal to merge with CBOT could negatively impact customers and shareholders, and Intercontinental Exchange's estimated synergies were exaggerated. The company also issued letters to CBOT shareholders explaining the drawbacks to the Intercontinental Exchange offer. We look forward to putting the vote before our shareholders and completing our merger by mid-2007," says CME Executive Chairman Terry Duffy. To read more about this article, go to TradingMarkets.com
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