FIRST FINANCIAL &lt;FFMC> BIDS FOR COMDATA &lt;CDN>

  First Financial Management corp said it
  has offered to acquire Comdata Network Inc for 18 dlrs per
  share in cash and stock, or a total of about 342.7 mln dlrs.
      The company said for each Comdata share it would exchange
  half a First Data share and enough cash to bring the total
  value up to 18 dlrs per share, provided that the market price
  of First Financial stock were not less than 28 dlrs per share.
      It said the cash payment would be based on the average
  market price of First Financial during a period shortly before
  closing.
      First Financial said it would not pursue the offer if
  Comdata's board rejected it.  Comdata has already agreed to be
  acquired by a partnership for either 15 dlrs a share in cash or
  at least 10 dlrs in cash and uniuts of securities.
      The partnership that made the first offer for Comdata was
  Welsh, Carson, Anderson and Stowe.  Comdata had previously
  entered into an agreement, which collapsed, for a repurchase of
  six mln shares at 14.50 dlrs each and for the sale of one mln
  shares by a director to &lt;Mason Best Co>. Mason Best already
  owns 1,800,000 Comdata shares.
      A group led by &lt;Rosewood Financial Inc> has also disclosed
  ownership of 6.2 pct of Comdata's 19.0 mln shares outstanding
  and said it might seek to increase its interest to over 15 pct.
      The company said Comdata shareholder approval would also be
  required for its proposal.
  

