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ADVO Shareholders Approve Merger with Valassis, Court says ADVO must provide more data

Thursday, September 14, 2006

Press release from the issuing company

September 13, 2006 -- In the latest news from the ADVO/Valassis battle, ADVO announced that its stockholders voted overwhelmingly at its special meeting to adopt the Agreement and Plan of Merger, dated as of July 5, 2006. Also today, Delaware's Court of Chancery set a date for the start of court proceedings, and instructions requiring ADVO to provide greater public access to information about the case. Valassis sent out the following statement: "The decision was made to begin proceedings on Dec. 11, 2006. ADVO's request for an earlier timeline for court proceedings was based on its erroneous claim that Valassis' financing commitment for the acquisition expires on Nov. 30, 2006. In fact, the financing commitment expires on March 31, 2007, which is the termination date of the merger agreement. The court also instructed ADVO to make public a less redacted version of Valassis' complaint. From the beginning we have called on ADVO to waive the terms of the confidentiality agreement related to the merger, thus allowing shareholders and the public to review all of the grounds for the lawsuit. When we have our day in court and the facts are all known, we fully expect the merger agreement to be rescinded making today's vote by ADVO shareholders null and void."

 

 

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