Court will wait to rule on CBOT exercise rights

(Reuters) - CME Group Inc., the world's largest futures exchange, was
created with the merger of CBOT Holdings Inc. and Chicago
Mercantile Exchange Holdings Inc. in July. The CBOE is the
largest U.S. options market.




The exercise rights allow full members of the Chicago Board
of Trade to trade options on CBOE without owning CBOE
membership.


Read more at Reuters.com Government Filings News

UPDATE 3-CME buy of CBOT easily approved by shareholders

(Reuters) - CHICAGO, July 9 - Shareholders of Chicago
Mercantile Exchange Holdings Inc and CBOT Holdings Inc
voted on Monday to merge the two largest U.S. futures
exchanges under one roof.




After an almost 9-month gestation period, the votes
delivered one huge, almost $12 billion baby.


Read more at Reuters.com Market News

CME beefs up CBOT bid, confident of approval

(Reuters) - Craig Donohue, CME's chief executive, told Reuters in a telephone interview he was "very, very confident" the deal would be approved by CBOT shareholders, who had been calling and emailing all day to voice their approval.




"There has been an absolutely overwhelming response from CBOT shareholders. This is a great development," Donohue said.


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CBOE says won't pull plug on CBOT rights for now

(Reuters) - But those rights will stay intact for now, until the U.S.
Securities and Exchange Commission makes a final ruling on
CBOE's earlier filing on the topic, an exchange spokeswoman
said.




In that filing, CBOE set forth its interpretation that if
CME absorbs CBOT to create CME Group Inc., "there will no
longer be CBOT members who may qualify to become and remain
exerciser members of CBOE."


Read more at Reuters.com Bonds News

UPDATE 1-CBOT, ICE keep pressure on ahead of CME vote

(Reuters) - Members and shareholders of the Chicago Board of Trade's
parent will vote on July 9 on whether to accept a merger deal
with Chicago Mercantile Exchange , the largest U.S.
futures mart.




ICE, an Atlanta-based exchange whose stronghold has been
energy derivatives trading, ICE made a higher bid for CBOT in
March which was rejected by CBOT's board.


Read more at Reuters.com Mergers News

U.S. Stocks Gain on Acquisitions; Shares of Alcoa, Dow Jones Lead Advance

(Bloomberg) -- U.S. stocks rose for a fourth day on
takeover speculation, including a report that BHP Billiton Ltd.
may bid $40 billion for Alcoa Inc.

Dow Jones & Co. advanced after the Wall Street Journal
reported General Electric Co. and Pearson Plc are in talks to make
a joint offer for the newspaper's publisher, possibly beating out
News Corp. CBOT Holdings Inc., the owner of the second-largest
futures market, climbed after two suitors said they may raise
their bids for the company.


Read more at Bloomberg Stocks News

U.S. Stocks Rise, Led by Energy, Materials Producers: Exxon Shares Advance

(Bloomberg) -- U.S. stocks rallied for a second
day, led by energy companies and miners, after advances in oil,
copper, gold and silver prices.

Exxon Mobil Corp., the largest crude producer, and Chevron
Corp., the second-biggest, led energy shares higher. CBOT
Holdings Inc., operator of the Chicago Board of Trade, climbed
after the Chicago Mercantile Exchange Holdings Inc. said it will
boost its bid.


Read more at Bloomberg Stocks News

ICE bid for CBOT faces uphill battle, analysts say

(Reuters) - "While ICE's bid is superior financially, we get the sense that many CBOT members and long term holders would like to go with CME, given possibly greater integration and competitive risks from CME associated with an ICE deal," Deutsche Bank Securities Inc. analysts Rob Rutschow and Scott Appleby wrote in a research note.




Atlanta-based energy exchange ICE in March offered to buy the Chicago Board of Trade's parent, topping an earlier offer by Chicago Mercantile Exchange Holdings Inc., the largest U.S. futures mart.


Read more at Reuters.com Business News

CBOT's Sale to Chicago Mercantile Is Cleared by U.S. Antitrust Officials

(Bloomberg) -- The Chicago Board of Trade and
Chicago Mercantile Exchange received approval from federal
antitrust regulators for their proposed $10.3 billion merger,
which would create the world's largest futures exchange.

The decision gives a leg up to Chicago Mercantile Exchange
Holdings Inc. as it tries to fend off an $11.2 billion
unsolicited offer from Intercontinental Exchange Inc. The board
of CBOT Holdings Inc. chose the merger with its Chicago rival
over the higher bid from Atlanta-based Intercontinental after
Chicago Mercantile sweetened its offer on May 11. CBOT
shareholders are scheduled to vote on the sale on July 9.


Read more at Bloomberg Commodities News

Sprecher, Brodsky Say Further Talks on CBOE Legal Dispute Are Possible

(Bloomberg) -- The top executives of Intercontinental
Exchange Inc. and the Chicago Board Options Exchange said they
are open to further negotiations to resolve a longstanding legal
dispute between the CBOE and the Chicago Board of Trade.

Intercontinental Exchange Chief Executive Officer Jeff
Sprecher is working with CBOE to help his effort to break up the
Board of Trade's plan to sell itself to the Chicago Mercantile
Exchange. The CBOT has accepted a $10 billion acquisition offer
from the Chicago Mercantile Exchange over Sprecher's unsolicited
$10.8 billion bid.


Read more at Bloomberg Energy News

CBOT defends CME merger proposal

(Reuters) - The letter cited the ability of CME and CBOT to integrate
"quickly and efficiently" with "relatively low execution risk"
compared with the ICE proposal.




"Minimizing surprises ... are in part what makes for a
successful merger," Dan and Carey said.


Read more at Reuters.com Mergers News

ICE in pact with Chicago options exchange: report

(Reuters) - CBOT has been battling with the CBOE over exercise rights that date back to the creation of the options exchange by CBOT in 1973. The rights allow CBOT full members to trade options at the neighboring CBOE without having to buy a membership.




CBOE has requested that these rights be terminated if CBOT is taken over. CBOT has vowed to protect the rights.


Read more at Reuters.com Business News