Ron Perelman’s acquisition of Valassis Communications Inc. has paved the way for the wealthy businessman’s recent deal. Much like the $1.31 billion purchase made in 2013 for the former, his upcoming venture surrounds coupon providing services.
The Perelman-owned Harland Clarke Holdings Corp. has purchased RetailMeNot. Estimated at roughly $630 million total, the company will be paying a cash premium towards the website’s almost $48 million shares to date in order to build upon their purchase four years prior.
Specifically, the company will acquire all of the outstanding shares of RetailMeNot Series 1 common stock for $11.60 per share in cash. This represents an increase of almost four dollars per share compared to their closing price.
RetailMeNot chief executive officer, Cotter Cunningham, spoke highly of the deal that he hopes will further expand the success of their current service.
“Not only are we delivering an immediate and significant cash premium to our stockholders, but we are also meaningfully advancing our goal of becoming a leading savings destination for consumers. I am confident in the future of RetailMeNot in its partnership with Valassis and look forward to working closely with the combined team to ensure together we become the premier savings destination,” he stated.
Cunningham also added that their business combined with that of Valassis will help to make them “the consumer savings destination of choice.”
The feeling was mutual, as Harland Clarke Holdings released a statement in reference to their plan for RetailMeNot moving forward.
“The combined companies will create an omnichannel media network with tens of thousands of advertisers reaching hundreds of millions of consumers around the world,” Harland Clarke Holdings stated.
With the procurement of RetailMeNot, Harland Clarke Holdings may be able to build around a merger between arguably the most popular online and printable coupon services today. Doing so could develop the pairing into the strongest conglomerate of that service currently in existence.