Lawsuit: Valassis Could Have Brought More Money

LIVONIA, MI—A Valassis Communications investor has filed suit against the company's board of directors, claiming it unfairly favored the $1.84 billion takeover bid from a company headed by billionaire Ron Perelman when it could have realized more money, The Detroit News reported.

The investor, a Louisiana pension fund, filed suit Monday claiming that CEO Robert Mason and CFO Robert Recchia met secretly with officials from Perelman's Harland Clarke Holdings prior to Harland's $34.02 per share bid. In the process, the suit maintains, the board of directors abandoned a strategic review of alternatives.