NEW YORK (AP) — Harland Clarke Holdings Corp. plans to take the 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 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. FactSet says Valassis has about 38.5 million shares outstanding.
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 $5.99, or 21.2 percent, to $34.29 in Wednesday premarket trading. Valassis is based in Livonia, Mich.
Both companies' boards unanimously approved the transaction.
The acquisition is expected to close in 2014's first quarter.