* 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
June 13 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)