Hobbs
05-11-2007, 12:41 PM
May 11 (Bloomberg) -- The Chicago Mercantile Exchange raised its bid for the Chicago Board of Trade by 16 percent to $9.2 billion to ward off a higher offer from Intercontinental Exchange Inc.
CBOT Holdings Inc. directors also today rejected Intercontinental's $10.1 billion offer. Chicago Mercantile Exchange Holdings Inc. will pay $174.28 a share in stock, or 0.35 shares, for each CBOT share, based on yesterday's closing price. Chicago Mercantile will also buy back $3.5 billion shares to boost its stock and raise the value of its bid.
http://www.bloomberg.com/apps/news?pid=20601087&sid=azaEQozuOxxo&refer=home
CBOT Holdings Inc. directors also today rejected Intercontinental's $10.1 billion offer. Chicago Mercantile Exchange Holdings Inc. will pay $174.28 a share in stock, or 0.35 shares, for each CBOT share, based on yesterday's closing price. Chicago Mercantile will also buy back $3.5 billion shares to boost its stock and raise the value of its bid.
http://www.bloomberg.com/apps/news?pid=20601087&sid=azaEQozuOxxo&refer=home