The Chicago Board of Trade's largest shareholder has submitted its more than 3 million votes against a proposed merger with the Chicago Mercantile Exchange. U.K.-based Caledonia Investments can change its vote until July 9, when a takeover battle between Chicago Merc and IntercontinentalExchange is expected to be decided. Meanwhile, the Chicago Merc offer got a boost when Institutional Shareholder Services, a leading advisory service, said it favored the Chicago Merc offer.

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