M&F Worldwide Completes Harland Takeover

NEW YORK – M&F Worldwide Corp., the holding company controlled by corporate raider Ronald Perelman, announced yesterday it has completed the acquisition of John H. Harland Co., the venerable credit union outsourcer, for $1.7 billion. The deal combines the nation’s number two check printer, Harland, with the third largest Clarke American, already owned by M&F. The combined businesses are expected to operate under the brand name Harland Clarke, which will be headed by Chuck Dawson, Clarke American’s current president and CEO. Clarke American Corp. is being renamed Harldn Clarke Holdings Corp., and will be the holding company for Harland Clarke, Harland Financial Solutions and Scantron. M&F is a publicly held company controlled by Perelman and his privately held Macandrews and Forbes. Perelman is known as one of the most cunning players in corporate finance and is famous for his takeovers of Revlon cosmetics and Marvel comics, as well as a failed attempt to acquire Salomon Brothers brokerage.