By: Jennifer Saba A court date has been set for the Valassis/ADVO trial for Dec. 11, 2006 at the Delaware Chancery Court.
In a statement released by Valassis on Wednesday, the company said the court required 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 the grounds for the lawsuit," the company said.
Prudential Equity Research analyst Steven Barlow thinks the court date has more upside for Valassis. In a note released on Wednesday, he wrote that ADVO was gunning for a late October court date so as not to miss the window on Bear Stearns financing, which expires at the end of November. Valassis wanted a January 2007 trial date. ?Dec. 11 is certainly pro Valassis,? he wrote.
This also gives Valassis more time to make its case. If Valassis cannot prove its allegations, the deal would probably go through as originally planned, thus driving down the stock, wrote Barlow.
Meanwhile, ADVO shareholders voted to adopt the merger agreement during a special meeting yesterday.
Comments
No comments on this item Please log in to comment by clicking here