ICE launches rival $10bn bid for CBOT

The IntercontinentalExchange on Thursday launched an unsolicited $9.9bn all-stock bid for the parent of the Chicago Board of Trade, playing on fears that its target's planned merger with the Chicago Mercantile Exchange could be blocked by regulators.

Jeff Sprecher, chairman of Atlanta-based ICE, said his proposal would preserve global industry competition and provide a growth platform across a range of asset classes. He argued that the CME proposal undervalued the CBOT, and was focused on cost-cutting and consolidation.

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- Posted: 2007-03-15 10:11:59

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