NEW YORK – M&F Worldwide Corp., the parent of the nation’s leading check printer Harland Clarke, agreed to merge into MacAndrews & Forbes Holdings, the private investment vehicle for financier Ronald Perelman, in a going-private deal, the two firms announced this morning.
Under the deal, MacAndrews & Forbes, which already owns 43% of M&F, will acquire the remaining shares for $25 each, a premium of about 22%.
M&F Worldwide assembled the check printing operations with the 2005 acquisition of Clarke American and the 2007 purchase of John H. Harland Co., and as a result, also owns Harland Financial Solutions and Scantron. The check printing operations have recorded diminishing returns as increasing numbers of transactions are being conducted electronically.
The going-private transaction was approved by the board of directors of M&F Worldwide, upon the recommendation and approval of a special committee comprised of independent directors that was formed to evaluate the deal.
