WCE Holdings Inc. today announced that it has received a richer rival bid to its deal with IntercontinentalExchange Inc.

WCE, parent of Winnipeg Commodity Exchange Inc., WCE Clearing Corp. and Canadian Climate Exchange Inc., announced that it has received an unsolicited written acquisition proposal from an unnamed third party to acquire it for $50 million, or $77.59 per common share.

The firm already has an arrangement agreement with ICE for $40 million, or $62.08 per common share.

“The board of directors of WCE Holdings has determined, after consultation with its legal and financial advisors, that the third party proposal is reasonably likely to result in a superior proposal and has authorized management to negotiate the third party proposal. Holdings is permitted under its arrangement agreement with ICE to accept a superior proposal if ICE fails to match same and WCE Holdings pays ICE a termination fee of $1.2 million,” it says.

“There can be no assurances that an agreement will be reached with the third party and Holdings does not intend to disclose further developments with respect to negotiations with that party until a definitive agreement is reached or negotiations are terminated,” the WCE adds.

ICE said it is aware of the competing proposal. It notes that its existing agreement provides ICE with, among other rights, the right to match any competing proposal if ICE determines to do so based upon its assessment of the value of WCE to ICE’s broader business.

“As the leading global operator of combined futures and OTC markets, ICE offers an unparalleled technology platform and value proposition through its diverse energy and agricultural markets on a common platform,” it says. “Through experience in acquisitions and integration, ICE has a well demonstrated ability to grow and develop existing markets, while innovating new products and serving the needs of its global customer base. As the fastest growing major exchange, ICE believes it is well positioned to support the growth of the WCE. We look forward to continuing to work with the board of the WCE to close the transaction.”