John H. Harland approves merger with M&F Worldwide
Shareholders of John H. Harland Company approved the company's merger with M&F Worldwide Corp. at a special meeting of its shareholders on March 28.
Atlanta-based Harland provides printed products and software and related services sold to the financial institution market, including banks, credit unions, thrifts, brokerage houses and financial software companies.
Harland's printed products operations are conducted through Harland Printed Products, which include checks operations, direct marketing and analytical services businesses and Harland's computer checks and forms businesses.
Its software operations are conducted through Harland Financial Solutions, which include core processing, retail and lending solutions as well as maintenance services to financial and other institutions. Harland's scantron division is a leading provider of data collection and testing and assessment products sold primarily to the educational, financial institution and commercial markets.
Under the terms of the agreement, New York-based M&F Worldwide will acquire Harland for $52.75 per share in cash, representing an approximate transaction value of $1.7 billion. The transaction is still subject to regulatory approval. Upon the completion of the transaction, Harland will become a wholly owned subsidiary of M & F Worldwide.
M&F Worldwide Corp. is a holding company with two business lines, which are operated by its wholly owned subsidiaries Mafco Worldwide Corp. and Clarke American Corp. Mafco Worldwide's business is the production of licorice products for sale to the tobacco, food, pharmaceutical and confectionery industries. Clarke American's business provides checks, check-related products and direct marketing services.
Clarke American's business consists of two divisions: the financial institution division, which is focused on financial institution clients and their customers and the direct-to-consumer division, which is focused on individual customers.