OTHER NEWS - June 16, 1994
From Times Staff and Wire Reports
New Valley Accepts Higher Bid for Western Union: Less than a week after announcing plans to sell its Western Union subsidiary to First Data Corp., New Valley Corp. reneged and agreed to sell the unit to Forstmann Little & Co. for more money. Forstmann Little, a leading New York-based leveraged buyout firm, is buying the world’s largest money-wiring service for $650 million in cash and the assumption of its pension liabilities, the companies said. Last Thursday, Paramus, N.J.-based New Valley said First Data, a Hackensack, N.J.-based credit card maker, would buy Western Union Financial Services Inc. for $595 million. First Data Corp.’s stock rose 87.5 cents a share to $45.875 on the NYSE.
