By Lisa Kerner
Charlotte, N.C., Feb. 22 - ADVO, Inc. said its stockholders approved the amended merger agreement with Valassis Communications, Inc. at its special meeting held Thursday.
The Windsor, Conn., direct mail media company expects the merger to close in the first half of March, according to a company news release.
Under the amended terms, Valassis will acquire all of the outstanding common shares of ADVO stock for $33.00 per share in cash, or approximately $1.2 billion. The deal includes some $125 million in existing ADVO long-term debt that Valassis expects to refinance.
Valassis is a marketing company based in Livonia, Mich.
| Acquirer: | Valassis Communications, Inc.
|
| Target: | ADVO, Inc.
|
| Transaction value: | $1.2 billion
|
| Payment per share: | $33.00
|
| Announcement date: | Dec. 19
|
| Expected closing: | First half of March
|
| Stock price for target: | NYSE: AD; $32.92 on Feb. 21
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