As I opened up my Chicago Sun Times today I noticed the full page ad by the Intercontinental Exchange (ICE) exclaiming to Chicago Board of Trade (CBOT) members, “DON’T BE SOLD SHORT.”

The ad in the sports section opposite the Chicago Cubs and White Sox box score, listed reasons why the ICE proposal to the CBOT was superior to the definitive agreement the CBOT’s board of directors reached with the Chicago Mercantile Exchange (CME). At the top of list was the $22.72 per share premium in the ICE offer as of Friday’s close. That premium grew to $26.14 after Monday’s close though it doesn’t include the $9.14 per share dividend to be paid to CBOT members as part of the CME’s most recent enhanced offer (though it is technically being paid by the CBOT). It goes on to tout the agreement reached with the Chicago Board Options Exchange (CBOE) over the Exercise Right Privilege (ERP), ICE’s fast growing stock and ICE’s ability to scale its technology to meet the needs of CBOT customers.

Not to be outdone the CME placed its own ad urging CBOT members to vote “YES” for the merger at the July 9 meeting. The CME cites the long-term potential, growth opportunities and a greater ability to integrate the CBOT and CME among other reason to go with the CME.

Later in the afternoon the CME put out a press release citing several analysts who have pointed out that ICE’s stock has had a tendency to improve when it seemed less likely they would win the battle for the CBOT. The implication being that ICE stock would drop precipitously if and when an ICE/CBOT deal is struck.

It is an interesting tactic because CME confirmed Monday was most likely the last day they could improve their offer to the CBOT without delaying the July 9 vote. As of the close of business there was no enhanced CME offer so it appears the two exchanges are prepared to go into the vote with their current offers.

This obviously can change as the vote has been delayed before.