M&F; Worldwide to buy check-printing company

M&F; Worldwide Corp., the holding company controlled by billionaire Ron Perelman, agreed to buy John H. Harland Co. for $1.7 billion to combine the second- and third-biggest U.S. check-printing companies.

M&F; said it would pay $52.75 a share for Decatur, Ga.-based Harland, 19% higher than its closing price Tuesday.

The transaction pairs Harland, the second-biggest check printer, with Clarke American, which M&F; bought last year for $800 million.

Harland shares jumped $5.84 to $50.31. M&F; shares rose $2.19 to $20.49.