Bitter fight for Chicago Board of Trade nears conclusion

0 Comments | AFP, July, 2007

NEW YORK, United States (AFP) — A bitterly contested battle for the Chicago Board of Trade headed for the final stretch this weekend as a vote loomed Monday on plans for the fast-growing futures market.

CBOT Holdings shareholders will vote on a friendly merger offer from its crosstown rival, the Chicago Mercantile Exchange, to create the world's biggest financial exchange by market capitalization.

But a fierce campaign for CBOT is also being waged by IntercontinentalExchange, which operates exchanges around the world. The parties have been in a heated dispute over which offer is superior.

On Friday, CME sweetened its offer for a third time, allowing CBOT shareholders to own some 36 percent of the combined company, up from 35 percent in the prior agreement....