New York investor Bennett LeBow is thought to be ready to pay around $200m for ITT Corp’s ITT World Communications, which operates international telex services between the US and some 200 other countries. According to the Wall Street Journal, LeBow’s plan is to supplant the Pacific Assets Holding and MDC Holdings consortium that is seeking to gain control of Western Union Corp, and to merge ITT WorldCom into the struggling Upper Saddle River, New Jersey company. The agreement under which Pacific and MDC would acquire control of Western Union and pump $250m into the company, is hedged with an array of conditions, many not yet met, and expires May 29. LeBow is believed to be willing to put $250m into Western Union with fewer strings. Some observers believe he also wants to add RCA GlobCom, currently owned by GE, to the merged company.
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