NEW YORK (AP) — Harland Clarke Holdings Corp. plans to take coupon distributor Valassis private for approximately $1.31 billion in a move that will help diversify its business and expand its client base.
Harland, a subsidiary of billionaire Ron Perelman’s investment firm MacAndrews & Forbes Holdings Inc., will pay $34.04 per Valassis share. That’s an 18 percent premium to its Tuesday closing price of $28.82.
Valassis, based in Livonia, has about 38.5 million shares outstanding, according to FactSet.
The companies put the deal’s value at about $1.84 billion.
Shares of Valassis Communications Inc. — which owns Redplum.com and makes related coupon inserts — surged $5.96, or 21.1 percent, to $34.26 in premarket trading Wednesday about 30 minutes ahead of the market opening.