War of words escalates in Cbot battle
A week after IntercontinentalExchange (ICE) announced its audacious $10 billion attempt to prise the Chicago Board of Trade from their grip, Chicago Mercantile Exchange executives gathered in Chicago to pour scorn on the proposal.
CME executives, including executive chairman Terry Duffy and chief executive officer Craig Donohue, held a meeting with Cbot members and shareholders which addressed ICE’s unsolicited bid, dismissing it as “inferior” to the $8 billion CME/Cbot merger agreed in October.
In a detailed presentation, CME officials went to great lengths to emphasize the two Chicago organizations’ combined history of 250 years, at one point even referring to their Cbot counterparts as “cousins” while dismissing as
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