Payment and marketing company Harland Clarke Holdings has agreed to buy the popular online coupon site RetailMeNot for an equity value of $630 million, a deal that would add digital discount technology to Harland's existing merchant services.
Harland Clarke is attempting to build a multi-channel advertising network with an addressable market of thousands of advertisers and hundreds of millions of consumers globally. Harland Clarke also owns Valassis, which specializes in consumer targeting data.
Under terms of the deal, Harland will acquire all of the outstanding shares of RetailMeNot's Series 1 common stock for $11.60 per share. The price represents a premium of about 50% over RetailMeNot's closing price on April 7 and a premium of about 36% over the average closing price for the past 60 days, Harland says.
RetailMeNot offers a website and mobile app that aggregates offer codes for price-sensitive shoppers. Its app uses location awareness and push notifications to alert shoppers of nearby deals. Harland is touting the app's ability to boost foot traffic at stores that use the technology.
By adding RetailMeNot, Harland, which is also known as a check supplier, can boost its portfolio of emerging mobile technology and marketing tools. Its Valassis media delivery platform already provides targeted marketing services.
"The addition of RetailMeNot brings Valassis' clients a new, vast and active consumer base explicitly seeking deals, offers and savings," said Victor Nichols, CEO of HCH, in an April 10 press release.