Western Union Owner Takes New Bid

Article excerpt

The bankrupt owner of Western Union Financial Services said Wednesday it will sell the money transfer company to a subsidiary of Forstmann Little & Co. for $650 million, setting aside a deal reached just last week to sell the company for $595 million.

Western Union's owner, New Valley Corp., said it would sell the company to Forstmann Little's Morse Acquisition Corp.

New Valley had agreed June 9 to sell the company to Hackensack, N.J.-based First Data Corp., an information processing firm.

"New Valley's Board invited and accepted the new offer based on its conviction that this is a superior transaction for all of New Valley's constituencies," said Robert Amman, president and chief executive.

"Among its many advantages, the price is significantly higher," he said of the deal with Morse Acquisition Corp., established by Forstmann Little to bid for Western Union.

First Data said it has not had the chance to evaluate the new bid for Western Union, and would not comment until it had.

Locally, Western Union has about 900 people at its customer service center and accounting offices in Bridgeton, near the intersection of interstates 70 and 270. …


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