Ron Perelman Earns Millions from Harland Takeover

WALL STREET – M&F Worldwide, which recently acquired John H. Harland Co., said yesterday it paid MacAndrews and Forbes, the holding company owned by corporate financier Ronald Perelman, a $10 million management services fee for the $1.7 billion acquisition, and has contracted for an additional $10 million fee for the next 12 months. Since commencement of the Harland offer, M&F shares have quadrupled in value to almost $64 each, earning Perelman more than $400 million. Perelman, known for his takeovers of Revlon, Marvel comics and other large companies, owns MacAndrews and Forbes, which owns a controlling 38.5% stake in M&F Worldwide. M&F is in the process of combining Harland’s check-printing operations with Clarke American to create the largest check printer in the country.