M&F Worldwide Corp. said today its board has approved merging with MacAndrews & Forbes Holdings, financier Ronald Perelman's investment firm which already owned 43% of M&F Holding's publicly traded stock.

M&F Worldwide owns Harland Clarke Holdings Corp., which owns Harland Clarke integrated payment solutions and check printing company based in San Antonio, Texas; core processor and integrated services provider Harland Financial Solutions in Lake Mary, Fla.; and assessment and survey specialist Scantron in Eagan, Minn.

M&F Worldwide's other property, according to its website, is Mafco Worldwide Corp., a licorice products specialist.

M&F Worldwide had acquired John H. Harland Co. in a $1.7 billion deal in 2007, giving it ownership of Harland Financial Solutions and Scantron. Combined with its 2005 purchase of Clarke American, that made it one of the nation's largest paper check printers.

Outstanding shares of M&F Worldwide will be worth $25 in the transaction, a 22% premium to the company's recent closing price on the New York Stock Exchange, the company said.