Valassis Sues Advo to Call Off Merger Deal
Marketing company Valassis Communications Inc. filed a lawsuit to terminate its $1.3-billion merger agreement with Advo Inc., the nation’s largest direct-mail marketer.
Valassis, based in the Detroit suburb of Livonia, said its action in Delaware Chancery Court was based on allegations that Advo management misrepresented the financial health of the company and failed to reveal internal control deficiencies.
Windsor, Conn.-based Advo denied wrongdoing and said it intended to enforce the merger agreement announced in July.
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