| Deal Description | International Telephone and Telegraph Corporation applied the net proceeds from this transaction to its working capital. Approximately one-half of the proceeds was applied to the reduction of bank borrowings, and the balance was available for investment in subsidiaries and other general corporate purposes. In February 1966 ITT and American Broadcasting Companies, Inc., (ABC) entered into an agreement for the merger of ABC with ITT, or a wholly owned subsidiary of ITT, which was approved by the shareholders of the respective corporations in April 1966. In August 1967 ITT enetered into an agreement for the acquisition by ITT of Levitt and Sons, Incorporated. In August, 1967 ITT and Rayonier Incorporated agreed on terms for the acquisition of Rayonier by ITT. |
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