Advo Inc.’s stockholders voted “overwhelmingly” to approve a takeover by Valassis Communciations Inc., according to the company. Under the terms of the deal, Valassis would acquire Advo for $37 per share, or $1.3 billion. On Wednesday, Advo’s stock closed at $29.99 per share.
Valassis is attempting to break its acquisition agreement, and in late August filed a lawsuit claiming that Advo management had misrepresented the company’s financial position.
Advo has characterized Valassis’ reluctance as “extreme buyers remorse” and is attempting to enforce the takeover agreement. The suit is pending in Delaware Chancery Court.
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