September 1st, 2006
Valassis Hearts ADVO - NOT!
Hmm… Valassis has a bad quarter, decides to buy ADVO.
ADVO has a bad quarter (big surprise) and Valassis has second thoughts.
Valassis Sues ADVO for Fraud and Rescinds Offer
Valassis is rescinding its $1.3 billion offer to acquire ADVO and is suing the direct mail company for fraud, Valassis announced on Wednesday.
The Livonia, Mich.-based marketing company alleges that ADVO executives “materially misrepresented the financial health of the company and failed to reveal internal control deficiencies,” according to a statement.
What’s next? Glamis salting their mines?
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