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Valassis has filed papers in the Delaware Chancery Court to rescind its offer to acquire Advo for $1.3 million.
Valassis is also seeking damages from Advo, claiming that Advo management lied about the company’s financial health, providing false financial information and withholding material information, writes Direct Magazine. Advo, in a response filed with the SEC, says that it believes the claims are “baseless and without merit.”
Advo’s response went on to say that Valassis is obviously “suffering from an extreme case of buyer’s remorse,” and that Advo remains “committed to the transactions contemplated by the binding merger agreement.”
Previous coverage:
Valassis Buys Advo for $1.3 Billion
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