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SHAREHOLDERS VOTE IN FAVOR OF MERGING CBOT INTO CME
Jul. 10, 2007
Source: Chicago Board of Trade news release
Chicago Mercantile Exchange Holdings Inc. and CBOT Holdings, Inc. today announced that preliminary results indicate the shareholders of both companies have approved the proposed merger of CME and CBOT Holdings, based on a review of the proxies voted at today's special meetings by the parties' respective proxy solicitors.
In addition, preliminary results also show that CBOT members have voted to approve certain related matters in a separate member vote.
The results of the CBOT shareholder and member votes are subject to official certification by the independent inspectors of election, IVS Associates, which is expected to occur in the next few days. The companies expect to complete the merger once IVS has certified the results.
"We are pleased that shareholders of both companies have demonstrated support for this groundbreaking merger," said CME Executive Chairman Terry Duffy. "The combination of CME and CBOT creates a strong international company better positioned to compete with growing global exchanges and the over-the-counter market. The combined company will transform the global derivatives industry and create efficiencies for customers and members while delivering significant benefits to our shareholders."
CBOT Chairman Charles P. Carey said, "Today's votes clear the way for us to combine our two great exchanges and begin delivering the value of the merger to our customers and shareholders. We look forward to building on our shared legacies of superior customer service, product innovation and industry leadership to capitalize on the terrific growth opportunities we see in this global marketplace."
"Our integration teams have been working diligently to prepare for the combination of our two companies, and I'm confident that we will be able to hit the ground running once we close the transaction," said Craig Donohue, CME Chief Executive Officer. "With this successful vote, we are one step closer to realizing our vision. As a combined company, we will be the world's premier financial marketplace with unparalleled product breadth and global reach. This vote also ensures that Chicago remains the center for risk management worldwide."
Bernard W. Dan, CBOT President and CEO, said, "We appreciate the support from our shareholders and members for combining these two great organizations. Starting on Day One, our combined company will be ready to compete in the global environment-well-armed for growth and innovation. Upon completion of the merger, the combined company, which will be called CME Group Inc., a CME/Chicago Board of Trade Company, will be the world's largest and most diverse exchange, providing products in all major benchmark asset classes.
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