ADVO Launches Counter-Suit
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Despite the announcement that Valassis Communications was suing ADVO Inc. to rescind its $1.3 billion merger agreement, ADVO shareholders voted in favor on September 13 to adopt the merger agreement.
ADVO also leveled a counter-suit against its would-be future partner. The suit asks the court to make Valassis stick to the July 5 merger agreement, seeks a decree of specific performance requiring Valassis to consummate the deal at $37 per share, and seeks interest from September 15 on the $37 per share merger consideration for ADVO shareholders. Valassis, in turn, said that the counter-suit was expected.
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- Companies:
- Valassis Communications
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