ADVO Says Valassis Lawsuit is without Merit; Will Take Action to Enforce the Merger Agreement.WINDSOR, Conn. -- ADVO, Inc. (NYSE NYSE See: New York Stock Exchange : AD) today commented on the lawsuit lawsuit: see procedure; tort. filed by Valassis (NYSE: VCI VCI Verband Der Chemischen Industrie (German: federation of chemical Industries) VCI Virtual Channel Identifier (used in Asynchronous Transfer Mode) VCI Veterinary Council of India VCI Virtual-Circuit Identifier ) in the Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . in Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. related to the previously announced acquisition of ADVO by Valassis.
"ADVO learned today that Valassis has filed a lawsuit seeking to
rescind its agreement to acquire our company for $37 per share.
ADVO rejects Valassis' claim that it has any basis to back out of
the deal.
While ADVO has not yet had time to fully review the lawsuit filed
by Valassis, ADVO believes it is baseless and without merit. ADVO
can only surmise that Valassis' action is merely a smokescreen to
hide the fact that Valassis is suffering from an extreme case of
buyer's remorse.
ADVO remains committed to the transactions contemplated by the
binding merger agreement, and will take action to enforce that
agreement and vigorously defend itself against Valassis' claims."
About ADVO ADVO is the nation's leading direct mail media company, with annual revenues of nearly $1.4 billion. Serving 17,000 national, regional and local retailers, the company reaches 114 million households, more than 90% of the nation's homes, with its ShopWise(R) shared mail advertising. The company's industry-leading targeting technology, coupled with its unparalleled logistics capabilities, enable retailers seeking superior return on investment to target, version and deliver their print advertising directly to consumers most likely to respond. Demonstrating ADVO's effectiveness as a print medium, the company's "Have You Seen Me? (R)" missing child card, distributed with each ShopWise(R) package, is the most recognized mail in America. This signature public service program has been responsible for safely recovering 142 children. The program was created in partnership with the National Center for Missing & Exploited Children and the U.S. Postal Service The U.S. Postal Service (USPS) processes and delivers mail to individuals and businesses within the United States. The service seeks to improve its performance through the development of efficient mail-handling systems and operates its own planning and engineering programs. in 1985. ADVO employs 3,700 people at its 24 mail processing facilities, 33 sales offices and headquarters in Windsor, CT. The company can be visited online at www.ADVO.com. |
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