AUSTIN’S RETAILMENOT SOLD IN $630 MILLION DEAL
Buyer Harland Clarke Holdings of San Antonio to pay $630 million.
Austin-based online coupon company RetailMeNot, one of Austin’s most high-profile publicly held software companies, said Monday it has agreed to be acquired in a deal the company said is valued at $630 million.
San Antonio-based Harland Clarke Holdings Corp. is buying all the outstanding shares of RetailMeNot common stock at $11.60 per share.
Founded in 2009, RetailMeNot operates the largest online marketplace for coupons and consumer deals. Its sites and mobile apps provide coupon codes, free trials and other retail offers from more than 70,000 merchants including Macy’s, Nordstrom, Wal-Mart and Target.
Harland Clarke provides integrated payment solutions and marketing services.
Under the deal, Harland Clarke will acquire all outstanding shares of RetailMeNot Series 1 common stock for $11.60 a share.
The purchase price represents a premium of about 50 percent over the closing share of RetailMeNot’s common stock on April 7, and a premium of about 36 percent over the average closing share price for the 60 calendar days ended April 7.
The acquisition, approved by both companies’ boards, will have to pass regulatory approval. It is expected to close in the second quarter of 2017.
Executives said the combined companies will create a multi-channel network of thousands of advertisers reaching hundreds of millions of consumers around the world.
“This is an exciting and important milestone for RetailMeNot,” said Cotter Cunningham, Retail-