WINDSOR, CT—Shareholders for direct mail media specialist ADVO Inc. voted to accept a $1.3 billion merger agreement Wednesday with Livonia, MI-based Valassis, despite the fact that Valassis has filed suit to rescind the agreement. Legal proceedings are slated to begin December 11 in Delaware’s Chancery Court, according to Valassis. In a release on Valassis’ Website,…
WINDSOR, CT—Despite last week’s announcement that Valassis was suing ADVO Inc. to rescind its $1.3 billion merger agreement, ADVO said it would begin mailing supplemental proxy materials in conjunction with the special meeting scheduled to adopt the merger agreement. The meeting is slated for next Wednesday. Upon completion of the merger, ADVO stockholders would receive $37 per share. ADVO also said the company had not consented to the unsealing of Valassis’ complaint because it contains non-public information about ADVO that Valassis agreed to keep confidential. In a statement, ADVO noted that Valassis actually filed the complaint under seal because it understood that the parties’ confidentiality agreement
LIVONIA, MI—Alleging fraud, Valassis Communications has sued ADVO in chancery court to rescind its $1.3 billion merger agreement. Valassis alleges that ADVO intentionally provided false information and “withheld material information” regarding operating income. The suit also alleges ADVO executives knew of, but did not disclose, significant internal control deficiencies associated with ADVO’s order-to-cash system. In…
LIVONIA, MI—Direct mail marketing specialist ADVO Inc. will be added to the Valassis stable in a $1.3 billion deal, or $37 per share. The company will retain Valassis’ headquarters here and will also maintain a presence in Windsor, CT. Valassis expects the acquisition to be accretive to 2007 cash earnings per share, excluding certain items. Total revenues for the combined company is projected to be $2.65 billion in 2007. Synergies are projected to result in annual cost savings of $40 million, beginning next year. ADVO reaches 114 million households with its ShopWise shared mail advertising. “Together, Valassis and ADVO will be well-positioned for growth as a more
LIVONIA, MI—Direct mail marketing specialist ADVO Inc. will be added to the Valassis stable in a $1.3 billion deal, or $37 per share. The company will retain Valassis’ headquarters here and will also maintain a presence in Windsor, CT. Valassis expects the acquisition to be accretive to 2007 cash earnings per share, excluding certain items. Total revenue for the combined company is projected to be $2.65 billion in 2007. Synergies are projected to result in annual cost savings of $40 million, beginning next year. ADVO reaches 114 million households with its ShopWise shared mail advertising. “Together, Valassis and ADVO will be well positioned for growth as a
The Printing Impressions 400
By Kristen E. Monte The Harry V. Quadracci VISION Award, presented by the Web Offset Association (WOA), is awarded to a heatset web offset industry executive who has become a dominant force in shaping the business of heatset printing. William F. Hogg Jr., this year's VISION Award winner, has gone far beyond executive-level duties to make significant changes, not only with his company Valassis Communications, but for the web offset industry as a whole. William F. Hogg Jr.Hogg is executive vice president of manufacturing and operations for Valassis, headquartered in Livonia, MI, and a member of Valassis' executive committee. He began his career
(Editor's Note: Company rankings for the current and previous years are based on figures reported in 2004. Therefore, companies that revised their 2003 revenues may have changed their 2003 ranking as compared with the ranking that appeared in last year's Printing Impressions 400. Similarly, the percentage change in sales is calculated on the most recent information provided.) 1 ('03: 2) RR Donnelley, Chicago, IL Total Sales (Millions): $8,204.50 Previous Year's Sales (Millions): $4,754.94 Change (%): +73 Principal Officer: Mark A. Angelson Employees: 44,000 Primary Specialties: SPEC 26%; CAT/PUB 23%; BF 10%; COM 9%; BKS 8% Web Offset Press Units: N/A Sheetfed Press
Worker Crushed in Accident VERSAILLES, KY—OSHA is investigating an apparent accident at a Quebecor World facility here that led to the death of a longtime employee. Carolyn Cox Campbell, 62, suffered fatal chest trauma Oct. 15 when she was crushed between a forklift and a metal racking system, according to John McCarty, Fayette County, KY, deputy coroner. McCarty indicated that a final autopsy and toxicology report would be completed in about four weeks. Tony Ross, director of communications for Montreal-based Quebecor World, said that Campbell's death, "appears to be an unfortunate accident." CGX Kills Deal for Newbridge HOUSTON—Consolidated Graphics (CGX) is no longer pursuing the acquisition
(Editor's Note: Company rankings for the current and previous years are based on figures reported in 2003. Therefore, companies that revised their 2002 revenues may have changed their 2002 ranking as compared with the ranking that appeared in last year's Printing Impressions 400. Similarly, the percentage change in sales is calculated on the most recent information provided.) 1 ('02: 1) Quebecor World, Montréal, Canada Total Sales (Millions): $6,242.00 Previous Year's Sales (Millions): $6,300.00 Change (%): -1 Principal Officer: Jean Neveu Employees: 38,000 Primary Specialties: PUB 26%; ADV 23%; CAT 16%; BKS 12% Web Offset Press Units: 3,156 Sheetfed Press Units: 985 Other Press
