MacAndrews & Forbes to Acquire Remaining M & F Worldwide (MFW) for $25/Share
M & F Worldwide Corp. (NYSE: MFW) and MacAndrews & Forbes Holdings, Inc., have entered into a definitive merger agreement under which MFW will be merged with a subsidiary of MacAndrews & Forbes and all outstanding shares of MFW common stock not owned by MacAndrews & Forbes will be converted into the right to receive $25 in cash per share.
MacAndrews & Forbes currently owns approximately 43 percent of the outstanding shares of MFW common stock.
The transaction was approved by the board of directors of MFW, upon the recommendation and approval of a special committee comprised entirely of independent directors that was formed to evaluate and consider the transaction. The special committee's recommendation and approval followed a thorough examination of the transaction, which occurred over a three-month period. Evercore Group L.L.C. acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal counsel to the special committee. Moelis & Company acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to MacAndrews & Forbes.
Closing is expected in Q411.
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MacAndrews & Forbes currently owns approximately 43 percent of the outstanding shares of MFW common stock.
The transaction was approved by the board of directors of MFW, upon the recommendation and approval of a special committee comprised entirely of independent directors that was formed to evaluate and consider the transaction. The special committee's recommendation and approval followed a thorough examination of the transaction, which occurred over a three-month period. Evercore Group L.L.C. acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal counsel to the special committee. Moelis & Company acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to MacAndrews & Forbes.
Closing is expected in Q411.
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