CME ups bid for CBOT

The Chicago Mercantile Exchange has increased its bid for the Chicago Board of Trade, as it faces a rival takeover attempt from the Intercontinental Exchange.

The CME offered on May 11 to exchange one CBOT share for 0.35 CME shares, up 16% from its previous offer of 0.3006. It has also committed to buy back up to $3.5 billion of the merged company's stock at a price of $560 per share; the original offer included the option for CBOT shareholders to take cash instead of CME shares, up to a total

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