Shareholder Group Opposes ValueVision Merger with National Media

Share this content:
The proposed merger between ValueVision International Inc., the shopping channel based in Minneapolis, and infomercial marketing company National Media Corp., Philadelphia, faces opposition from a shareholder group that wants to acquire ValueVision.


Saying that they "do not believe that [ValueVision] should bail out a struggling company," ValueVision shareholders Michael J. Blake and Brian E. Danzis, placed advertising in newspapers indicating their intention to vote against the merger proposal with National Media, which posted a loss of more than $35.4 million on sales of $186.6 million for the nine months ended Dec. 31.


Blake and Danzis control VV Acquisition Corp., a company presumably formed to acquire ValueVision. VV Acquisition made an offer earlier this year for ValueVision, but the company's board of directors voted on Feb. 17 against accepting it. The deal called for payment of $5.50 a share for ValueVision, which consisted of $3.50 in cash and $2 in short-term notes paying 8 percent a year.


ValueVision declined to comment on the stated intention of Blake and Danzis, saying that Securities and Exchange Commission rules prevented it from making public statements about the offer or its effect on the merger with National Media.


"What they [Blake and Danzis] put into their press release is accurate; we did reject their offer," said David Quinby, vice president and general counsel of ValueVision. "We have a proxy on file with the SEC and we're now in a quiet period."
close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here