RetailMeNot to be bought by Harland Clarke for $630 million

Online coupon provider RetailMeNot Inc said it had agreed to be bought by marketing services company Harland Clarke Holdings Corp. The transaction has an equity value of approximately $630 million.

Harland Clarke, owned by billionaire Ron Perelman's investment company MacAndrews & Forbes Inc, has offered $11.60 per share in cash for each RetailMeNot share, representing a premium of 49.7 percent to the stock's Monday close.

The deal, which has been unanimously approved by Retailmenot's board of directors,will allow Harland Clarke to build on its acquisition of Valassis Communications Inc, a provider of coupons and newspaper inserts. The company was acquired for $1.31 billion in 2013.

Upon completion of transaction, Retailmenot will become a privately held company, and in light of the transition, Retailmenot will not provide earnings guidance going forward.

RetailMeNot's shares jumped 49 percent to $11.55 in aftermarket trading on Monday, slightly below the offer price of $11.60 per share in cash.

LionTree Advisors is lead financial adviser to Harland Clarke, with Moelis & Co also serving as financial adviser.
Wachtell, Lipton, Rosen & Katz is Harland Clarke's legal adviser.