It looks like the Intercontinental Exchange may be building even more momentum in its bid to buy the Chicago Board of Trade. Shareholders of the CBOT are scheduled to vote on a merger proposal with the Chicago Mercantile Exchange July 9. But a big shareholder, hedge fund Caledonia Investments, has said publicly that shareholders would not vote for a CBOT-CME merger unless the Merc offered more money. The alternative bid by the ICE seems to be worth more. It also seems like there are other bidders in the wings, including the likes of NYSE Euronext. Wow! Both bidders are currently lobbying CBOT shareholders hard, but do not be surprised by even more twists down the road. All this underscores the potential of derivatives trading--a growth industry.

For more:
- here's an update from Forbes