Chicago Board of Trade moves meeting date, review of IntercontinentalExchange proposal continues

By Lisa Kerner

Charlotte, N.C., April 12 - The special meeting of CBOT Holdings, Inc. stockholders and the Chicago Board of Trade members has been rescheduled to July 9 from April 4, under merger agreement obligations to Chicago Mercantile Exchange Holdings Inc.

The board of directors of CBOT Holdings, its special committees and the board of directors of the Chicago Board of Trade continue to review the previously announced unsolicited proposal from IntercontinentalExchange, Inc.

CBOT Holdings does not intend to comment further on IntercontinentalExchange's proposal until the review process is complete, according to a company news release

"The boards of directors of CBOT Holdings and the CBOT are committed to a well-governed process that results in the best possible outcome for our stockholders and members," Charles P. Carey, chairman of the boards of directors of CBOT Holdings and the Chicago Board of Trade, said in the release.

"While we continue to move forward on our existing agreement with the Chicago Mercantile Exchange, as we are required to do, we also continue to work closely with legal and financial advisors to carefully evaluate IntercontinentalExchange's proposal consistent with our fiduciary duties."

Chicago Mercantile Exchange Holdings postponed its special meeting scheduled for April 4 at which shareholders were to vote on the definitive merger agreement with CBOT Holdings in light of CBOT Holdings' review of the unsolicited merger proposal submitted by IntercontinentalExchange.

IntercontinentalExchange's proposal called for the issue of 1.42 of its shares for each CBOT Holdings class A common share, valued at $187.34 per share, or roughly a 10.5% premium to the pending acquisition of CBOT Holdings by Chicago Mercantile Exchange agreed to in October, a previous IntercontinentalExchange news release stated.

CBOT Holdings operates the Chicago Board of Trade, a Chicago derivatives trading exchange.

Chicago Mercantile Exchange is the first publicly traded U.S. financial exchange.

IntercontinentalExchange is an Atlanta-based electronic energy marketplace.

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