The Chicago Board of Trade, as many expected, has delayed a vote on a merger proposal with the Chicago Mercantile Exchange. That opens the door a bit wider for the Intercontinental Exchange. For now, the CBOT says the CME deal is still in effect. But the board will be wary about even the slightest perception that it did not maximize shareholder value. The ICE is expected to make a formal proposal to the CBOT some time this week; the CBOT has agreed to limited due diligence. It looks like a battle in the making. The CBOT board may change its mind. If it does, CME will either submit a new bid or collect a $240 million break-up fee. But that will not salve its wounds. Looming over all this is the Justice Department. This is getting interesting. A war of words has emerged. 

For more:
- here's an update from the Financial Times