May 11, 2007
Chicago Exchanges Revise Merger Agreement
Chicago Mercantile Exchange Holdings and CBOT Holdings announced a revised merger agreement valued at $9.8 billion and involving a $3.5 billion share buyback by CME after the merger. Some CBOT members expressed dissatisfaction that the price was not higher in response to IntercontinentalExchange's unsolicited offer for CBOT valued at $10.5 billion. See WSJ, CME Raises Bid for CBOT To Fend Off Rival Offer.
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