YEAR IN REVIEW — 2006: BANTA ON THE LOOSE

The summer provided some lessons on good and bad M&A etiquette. Valassis Communications, of Livonia, MI, agreed to shell out $37 per share, or $1.3 billion, for ADVO. A short time later, Valassis sued ADVO in chancery court to rescind the merger agreement, claiming ADVO intentionally provided false information and “withheld material information” regarding operating income. ADVO’s shareholders approved the deal anyway, and the company returned volley with a counter-suit against Valassis.