Harland Clarke Holdings Corp., a leading provider of best-in-class integrated
payment solutions and marketing services, and Valassis VCI, a leader
in intelligent media delivery, today announced that they have entered into a
definitive merger agreement under which Harland Clarke Holdings will acquire
Valassis.
Under the terms of the agreement, Harland Clarke Holdings, a wholly owned
subsidiary of MacAndrews & Forbes Holdings Inc., will acquire all of the
outstanding shares of Valassis for $34.04 per share in cash, representing a
transaction value of approximately $1.84 billion. The transaction, which was
unanimously approved by both the Valassis and Harland Clarke Holdings Boards
of Directors, will be effected through a tender offer by a subsidiary of
Harland Clarke Holdings for all of the shares of Valassis, followed by a
merger of the acquisition subsidiary with and into Valassis.
The combination of Harland Clarke Holdings Corp. and Valassis will create a
leader in the transaction services, media delivery services, consumer and
business direct and education solutions industries with approximately $3.3
billion in combined revenues. The combined entity will have deep and tenured
customer relationships with the largest financial, consumer products and
retail institutions worldwide, offering them a robust portfolio of innovative
products and services.
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