The battle for the Chicago Board of Trade sometimes seems like it should be on Page 6 of the New York Post, rather than the business section.
Just when you thought everyone's favorite futures exchange melodrama was heading into its final act, Intercontinental Exchange stepped up the pressure on the Chicago Board of Trade Tuesday with a letter to CBOT that hinted ICE might be willing to sweeten the pot further.
Fearing it might yet lose its sweetheart to rival ICE, the Chicago Mercantile Exchange Friday showed its devotion with another increase in its bid. This bauble was enough to sway the heart of Caledonia Investments, CBOT's largest shareholder, which had been set to vote against the merger.
With fickle Caledonia's 6.5% of CBOT shares flipping over to vote "yes", the CME and CBOT look set to enter wedded bliss when the vote comes on Monday.
Or will ICE whisper more sweet nothings in the ear of CBOT's shareholders, who appear to be torn between a bigger immediate payout and longer-term growth prospects?
Stay tuned...
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