Advo Stockholders Approve Valassis Merger Agreement

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Advo Inc. stockholders voted overwhelmingly at its special meeting to adopt the agreement and plan of merger with Valassis Communications Inc. and Michigan Acquisition Corp., a wholly owned subsidiary of Valassis.

On Aug. 30, Valassis commenced litigation in the Delaware Chancery Court seeking to rescind the merger agreement with Windsor, CT-based Advo  based on allegations of fraud and material adverse changes.

Livonia, MI-based Valassis alleges that Advo's management materially misrepresented the financial health of the company and failed to reveal internal control deficiencies. Among other items, the lawsuit seeks a court declaration that Valassis has no right to rescind or terminate or otherwise evade its obligations under the July 5 binding definitive merger agreement.

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