SCM said it may cancel its buy-out agreement.

The company said in a filing with the SEC that the $70-per-share leveraged buy-out bid by Merrill Lynch Capital Markets and senior members of SCM Corp.’s management will be canceled if the offer isn’t raised within five days. SCM said the offer must at least match the competing $72-per-share offer by British conglomerate Hanson Trust. Separately, financier Ivan F. Boesky said he spent $57.5 million to buy 864,900 shares of the diversified firm, or 8.7%, for investment and merger arbitrage purposes.