CORRECTED-Valassis to be taken private by Harland Clarke in $1.84 bln deal
(Corrects to remove reference in paragraph 3 to investors expecting a higher offer. The stock rose above the offer price because the company said it would still pay its 31-cent dividend)
Dec 18 (Reuters) - Bank-check printer Harland Clarke Holdings Corp said it would buy Valassis Communications Inc, a printer of newspaper inserts and coupons, in a $1.84 billion deal.
The $34.04 per share cash offer represents a 20.3 percent premium to Valassis' closing price on Tuesday.
Valassis shares were trading at $34.29 before the bell, as the company also said it would still pay out a 31-cent quarterly dividend ahead of the deal closing.
The combined company will have revenue of about $3.3 billion in revenue, the companies said.
Harland Clarke said it would finance the acquisition with cash on hand and borrowings and has received committed financing from Credit Suisse, BofA Merrill Lynch and Citigroup Global Markets Inc. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty)
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- NYC buildings explosion kills two, more missing
- EU moves towards travel bans, asset freezes for Russians |
- Malaysia military source says missing jet veered to west |
- Exclusive: EU approves framework for asset freezes, travel bans on Russia