UPDATE 1-M&F Worldwide's largest shareholder offers to buy out co
* Offers $24 per share in cash to shareholders
* Proposal at 42 pct premium to stock's Friday close
* Deal values entire co at about $464 mln
* MacAndrews & Forbes expects co to appoint committee to consider proposal (Follows alerts)
June 13 (Reuters) - MacAndrews & Forbes Holdings Inc, the largest shareholder of M&F Worldwide Corp , said it offered to buy the company that provides supplies and services primarily to the financial industry in a deal valuing the company at about $464 million.
MacAndrews & Forbes, which owns about 43 percent of M&F common shares, said other shareholders will have the right to receive $24 a share in cash -- a 42 percent premium to the stock's closing price of $16.96 on Friday.
The holding company also said it expects M&F to appoint a special committee of independent directors to consider its proposal. M&F would be merged with a unit of MacAndrews & Forbes, under the terms of the deal.
M&F has four business segments. Its Harland Clarke business makes checks, forms, treasury supplies and provides fraud-prevention services and Harland Financial Solutions unit provides services, including lending and mortgage applications.
The company's Scantron Corp unit offers scanning equipment, survey services, and testing software to schools in North America and its Mafco Worldwide unit is one of the world's largest makers of licorice extract, used mainly for flavoring tobacco and candy products.
M&F shares jumped 42 percent to $24.15 in morning trade on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore; Editing by Joyjeet Das)
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