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Filed by Board of Trade of the City of Chicago, Inc. (CBOT)
Subject Company -- Board of Trade of the City of Chicago, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
File No. 132-01854
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The following letter was sent to the Chicago Board Options Exchange on September
26, 2000.
September 26, 2000
William J. Brodsky, Chairman & CEO
Thomas A. Bond, Vice Chairman
Chicago Board Options Exchange
LaSalle at Van Buren
Chicago, IL 60605
Dear Bill and Tom:
I am responding to your letter of September 20, 2000. I would be happy to
consider any meaningful proposal you may wish to offer concerning the exercise
right. But I do not agree with your characterization of the viability of the
exercise right as "uncertain." The exercise right is guaranteed in the CBOE's
Certificate of Incorporation and in our 1992 contract, and we will take no steps
in our restructuring or otherwise to alter or imperil that right.
Our principals and your principals spent six and one-half months trying to
negotiate a new structure that would be of mutual benefit to our two exchanges
and members. About a month ago you terminated those discussions. I continue to
be disappointed in your decision. At this point, I see no value in pursuing a
task force of members and staff which would cover ground we have already
traveled.
Again, if you have a specific proposal to make, my door is open and I can assure
you it will be given thorough consideration.
Sincerely,
/s/David P. Brennan
David P. Brennan
/ep
We urge CBOT members and membership interest holders to read the Registration
Statement on Form S-4, including the proxy statement/prospectus contained within
the Registration Statement, regarding the CBOT restructuring referred to herein
or in connection herewith, when it becomes available, as well as the other
documents that the CBOT has filed or will file with the Securities and Exchange
Commission, because they contain or will contain important information. CBOT
members and membership interest holders may obtain a free copy of the proxy
statement/prospectus, when it becomes available, and other documents filed by
the CBOT at the Commission's web site at www.sec.gov., or from the CBOT by
directing such request in writing or by telephone to: Board of Trade of the City
of Chicago, Inc., 141 W. Jackson Blvd., Chicago, Illinois 60604-2994, Attention:
Office of the Secretary, Telephone: (3120 435-3605, Facsimile: (312) 347-3827.
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of securities in any state in which
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. No offering of
securities shall be made except by means of a prospectus meeting the
requirements of Section
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