Deals
Perelman Spurs Speculation Low Bid Gets Biggest Rise: Real M&A
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Ron Perelman is trying to complete the least expensive buyout of a holding company in eight years, prompting speculation that traders can extract the biggest price increase of any U.S. deal from the billionaire.
Perelman, who owns 43 percent of M&F Worldwide Corp. and is its chairman, offered to acquire the rest of the company three days after it fell to a two-year low in June. The $24-a-share bid was 4.1 percent less than the average price in the past year for New York-based M&F, which makes everything from licorice to checkbooks and standardized test forms. M&F has climbed 6.7 percent above Perelman’s proposal, more than any U.S. all-cash acquisition, according to data compiled by Bloomberg.