MaxPoint Interactive, a North Carolina advertising technology firm, has finally announced it is in the process of buying Harland Clarke Holdings subsidiary, Valassis. Shares representing about 80 percent of the company “were validly tendered,” making the deal likely to close Oct. 10, MaxPoint said.
With the tender offer closed, the buyout is basically “a done deal,” says Jim Verdonik, a Ward and Smith attorney and securities filings expert who is not connected to MaxPoint.
“We are excited to welcome MaxPoint to our Valassis Digital team, further enhancing our unique intelligent media delivery offering while increasing our digital presence,” said Victor Nichols, CEO of Harland Clarke Holdings. “Our combined commitment to helping clients and consumers will continue to drive technological innovation, creating more relevant interactions through effective solutions.”
Cali Tran, president of Valassis Digital said, “2017 has been a pivotal year for the digital media industry as advertisers have publicly called for more media accountability and attribution. The combination of our two companies creates powerful targeting, delivery and measurement capabilities that will deliver leading media quality and performance for our clients.”
Soon after the completion of the transaction, MaxPoint will no longer be listed on any public market and is now a privately held company. MaxPoint will join Valassis Digital, generating a greater digital media portfolio and accompanying Valassis’ print capabilities.
“This marks a great milestone for MaxPoint, our clients and our stockholders,” said Epperson. “The combined team with our strong technical capabilities and client-focused expertise will be second to none in the industry. As one team we’ll bring proven digital media solutions along with a simplified buying process to our clients.”
According to the agreement, Harland Clarke Holdings, a solely owned subsidiary of MacAndrews & Forbes Inc. and owner of Valassis, will obtain all of the outstanding shares of MaxPoint for $13.86 per share in cash. MaxPoint’s Board of Directors has approved the transaction, which has an equity value of approximately $95 million. The top three stockholders of MaxPoint’s have signed support agreements expressing their commitment to this transaction and intent to tender their shares in the tender offer.