Hedge Fund Gains on Stake in Harland Acquirer

WALL STREET – Boston-based Hedge Fund Bay Harbor Management reported it has taken a 5.1% stake in M&F Worldwide, the holding company controlled by corporate raider Ron Perelman that plans to combine the country’s second- and third-largest check printers, Clarke American and John H. Harland, to create the biggest check printer in America. The Fund reported in a filing with the Securities and Exchange Commission it has no plans for any shareholder actions with respect to its M&F holdings, which it has seen soar in value since M&F announced on December 20 it has agreed to acquire Harland for $52.75 a share. M&F already owns Clarke American, which it acquired last year for $800 million. Since announcement of the Harland deal, M&F has seen its own shares surge more than 40%, to close yesterday near a new high of $26.18. Bay Harbor has acquired its shares since the announcement of the Harland deal, earning almost $2 million on the run-up in price.