Advo Shareholders OK Amended Valassis Deal

RSS
Follow by Email
Facebook
Facebook
Twitter
Visit Us
LinkedIn

By:

Advo Inc., the nation’s largest direct-mail marketer, said Thursday its stockholders approved an amended takeover agreement with Valassis Communications Inc., which produces newspaper advertising inserts.

The deal is expected to close within the first two weeks of March. In December, both companies said they amended a disputed acquisition agreement and settled litigation.

Under the deal, Livonia, Mich.-based Valassis will buy all outstanding common shares of Advo for $33 per share in cash, or about $1.08 billion. The company also assume about $125 million in existing Advo long-term debt.

Shares of Advo rose 1 cent to $32.93 in morning trading, while Valassis shares were flat at $17.06, both on the New York Stock Exchange.

Leave a Reply

Your email address will not be published. Required fields are marked *