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CBOT Holdings, Inc. (CBOT®) (NYSE: BOT) today announced that its Board of Directors and special committees have met and reviewed a revised proposal from IntercontinentalExchange, Inc. (NYSE:ICE). The Board of Directors and special transaction committee again concluded that the ICE proposal is not superior to the amended merger agreement with Chicago Mercantile Exchange Holdings Inc. (NYSE: CME).
"Nothing important has changed from the offer ICE submitted on June 12th. ICE has not resolved the significant risks identified during the comprehensive due diligence we conducted of ICE and its trading and clearing systems,” said CBOT Chairman Charles P. Carey.
“ICE has not adequately addressed important strategic and operational concerns, such as integration and execution risk," said CBOT President and CEO Bernard W. Dan. “In our view, ICE’s proposal that we migrate our clearing operations twice, first to AEMS and then to ICE, compounds the risk and would create even greater disruption for our market users.”
The Board of Directors of CBOT Holdings continues to unanimously recommend that stockholders vote “FOR” the adoption of the agreement and plan of merger with CME, and the Board of Directors of CBOT unanimously recommends that CBOT members vote “FOR” the matters related to the CME merger as described in the joint proxy statement/prospectus and the supplement.
A copy of ICE’s July 3, 2007 letter to CBOT Holdings was filed with the SEC on July 3, 2007 and is available under the Investor Relations section of CBOT Holdings’ website, www.cbot.com.
