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CME, CBOT Shareholders Settle For $475M

Law360 (September 26, 2007, 12:00 AM EDT) -- A state court has approved a settlement between the Chicago Mercantile Exchange Group Inc., recently created when Chicago Mercantile Exchange Corp. acquired the Chicago Board of Trade, and CBOT shareholders, which had accused CBOT of neglecting their interests by ignoring a better bid than CME's.

CBOT's shareholders agreed to the settlement largely thanks to a deal that gave them a special dividend of $9.14 per share, for a total pay-out of about $475 million, as well as appraisal rights over the stock. CME has acknowledged that...
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