IntercontinentalExchange to meet with members of the Chicago Board of Trade to discuss merger benefits

By Lisa Kerner

Charlotte, N.C., May 24 - IntercontinentalExchange, Inc. chief executive officer Jeffrey Sprecher and senior management will meet with members of the Chicago Board of Trade on May 31 in Chicago to discuss the benefits that an ICE/CBOT combination would deliver to shareholders, members, customers and employees.

CBOT Holdings, Inc. stockholders and the Chicago Board of Trade members are scheduled to vote July 9 on a merger agreement with Chicago Mercantile Exchange Holdings Inc.

"We look forward to a constructive dialogue with the CBOT membership regarding our proposal, which would result in greater immediate and long-term value creation, as well as superior growth prospects for shareholders, members, customers and employees than the alternative transaction that the CBOT has agreed to with the Chicago Mercantile Exchange," Sprecher said in a company news release.

"We have more confidence than ever that ICE's growth trajectory, superior currency, demonstrated ability to integrate new businesses, innovation track record, and trading platform capabilities, when combined with the CBOT, would create a highly compelling business combination."

IntercontinentalExchange's proposal calls for the issue of 1.42 of its shares for each CBOT Holdings class A common share. Under the Chicago Mercantile Exchange proposal, CBOT Holdings shareholders would receive 0.35 of a Chicago Mercantile class A common share for each CBOT class A common share.

Based on the May 23 closing share prices, the ICE proposal is valued at $210.83 per CBOT share, which is more than 16%, or roughly $1.5 billion, above the $181.79-per-share value of the Chicago Mercantile Exchange proposal, the release stated.

Interested parties can listen to the meeting via conference call by dialing (888) 792-8398 and entering passcode 8847664 or through a live audio Webcast at www.theice.com.

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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