A cryptic statement from Chicago Board of Trade (CBoT) on 28 June about being approached regarding a merger or acquisition sent Chicago Mercantile Exchange (CME) stock soaring and the rumour mill spinning.
CBoT's statement said that the exchange "has recently received unsolicited, non-binding expressions of interest in a business combination."
It added, "The board of directors of the company intends to consider these expressions as part of a broader review of strategic alternatives, including a possible business combination through an acquisition, sale or other transaction, as well as the company's pending initial public offering of its common stock."
The exchange itself declined to elaborate on the statement, refusing to answer queries regarding who the interested party or parties were. A source close to the exchange did suggest to FO Week that there were more than one.
Who the bidder or...