tValassis, the Livonia-based company behind the “Have You Seen Me?” program for missing children, announced today that it has entered a merger agreement under which it will be acquired by Harland Clarke Holdings in San Antonio for $1.8 billion.
t“Under Harland Clarke Holdings, we expect to create a company that is stronger than our individual businesses, (and) which will allow us to pursue our vision of intelligent media delivery,” says Rob Mason, president and CEO of Valassis. “Harland Clarke is the right owner for Valassis and has the expertise and resources to accelerate our continued evolution and innovation that will benefit our associates and Valassis’ more than 15,000 clients.”
tFounded in 1970, Valassis has some 7,000 employees in 28 states and nine countries. The missing children program has helped to lead to the recovery of 1,200 children. The company works with a broad spectrum of industries, including automotive, consumer electronics, grocery, retail, and telecommunications.
tAs part of the agreement, Valassis investors will receive $34.04 per share in cash. “The transaction provides Valassis stockholders with a significant and immediate cash premium for their shares,” says Alan F. Schultz, non-executive chairman of the Valassis board of directors.
tThe combination of the two companies will create a leader in the transaction services, media delivery services, consumer and business direct, and education solutions industries with approximately $3.3 billion in combined revenue, say company officials.
tThe transaction is expected to close in early 2014.