The IntercontinentalExchange stepped up its bid to buy the Chicago Board of Trade, as its chief executive said the US energy market is prepared to bypass the board of its $10.9 billion target and work directly with shareholders, Financial News reports.
The move comes after the bosses of CBOT, the second US futures market, backed a rival bid from the Chicago Mercantile Exchange, its larger cross-town rival.
“I’m prepared at least for our side to provide you everything you need and bypass your board,” says Jeffrey Sprecher, the chief executive of ICE. “It is your company and you should do whatever you want. You should make your views understood to the board who can make it easier on ICE and anyone else if they choose to.”
CBOT, whose members are set to vote on the CME offer on July 9, agreed to merge with its neighbour in a $8.9 billion deal last year but ICE tabled a surprise rival bid which offered $1 billion more to CBOT shareholders, forcing the CME to increase its offer.