The Intercontinental Exchange, Inc. (NYSE: ICE) said Wednesday that it has entered into an agreement that may improve its bid to acquire with CBOT Holdings, the parent company of the Chicago Board of Trade.

ICE and the Chicago Board of Options Exchange will pay CBOT members who hold exercise rights $500,000 in value for each right, or up to $665.5 million altogether.

CBOT holdings and the CBOE are currently in a legal dispute over ownership of the options exchange. ICE and CBOT would both pay for half of the transaction.

"This strategic agreement would resolve existing litigation and uncertainty for both CBOT and CBOE members, while unlocking substantial value for CBOT members, many of whom remain CBOT Holdings stockholders,' said Jeffrey C. Sprecher, Chairman and CEO of ICE.

However, according to a released statement, the agreement would only take place if the ICE, CBOT acquisition takes place.

Last week, the CBOT board had recommended to shareholders that they reject the ICE bid in favor of the bid by the Chicago Mercantile Exchange.

Currently, ICE is a rival bidder to Chicago Mercantile Exchange Holdings, Inc. to buy CBOT.