NEW YORK (AP) — Direct mail and marketing services company Harland Clark Holdings Corp. is buying online coupon company RetailMeNot Inc.
Harland Clark is paying $11.60 per share for RetailMeNot, a 50 percent premium on the Austin, Texas-based company's closing stock price of $7.75 on Monday.
Given the number of RetailMeNot shares outstanding, the deal is valued at about $560 million. The companies listed the deal's equity value, which includes debt, the value of stock options and convertible securities, at $630 million.
RetailMeNot's shares soared Tuesday to hover near the deal price.
Harland Clarke is a subsidiary of MacAndrews & Forbes Inc., an investment firm headed by Ronald Perelman.
The deal is expected to close in the second quarter.