Revised bids to buy the London Metal Exchange will be discussed at a Wednesday meeting of the exchange's board, people familiar with the matter said Monday, as the battle between IntercontinentalExchange Inc. (ICE) and Hong Kong Exchanges and Clearing Ltd. (0388.HK) enters its final stages.

Both companies resubmitted bids to buy the 135-year old exchange, which dominates world trade in metals like copper and aluminum, last Thursday.

The LME board may not make a final decision on its preferred bidder at its meeting Wednesday, but is keen to reach a decision soon, people familiar with the matter said.

Write to Andrea Hotter at andrea.hotter@wsj.com

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