Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating
whether members of the board of directors of Valassis Communications
Inc. (NYSE: VCI) breached their fiduciary duties in connection with the
planned sale of the company to Harland Clarke Holdings Corp. Valassis
and its subsidiaries provide media solutions primarily in the United
States and Europe.
On December 18, 2013, Valassis and Harland Clarke announced that they
had entered into a definitive agreement under which Harland Clarke will
acquire all of the outstanding shares of Valassis’ common stock for
$34.04 per share in cash, representing a transaction value of
approximately $1.84 billion. The transaction is structured as a tender
offer, and the parties expect the transaction to close in the first
quarter of 2014.
The investigation concerns whether the Valassis board members failed to
satisfy their duties to the Company’s shareholders, including whether
the board adequately pursued alternatives to the acquisition and whether
the board obtained the best price possible for the Company’s shares of
common stock. Jim Baker, lead analyst for Johnson & Weaver, stated that,
“Harland Clarke’s offer appears to be inadequate and not in the best
interest of Valassis’ shareholders.” In particular, Baker noted that
Valassis is selling at a relatively low forward P/E based upon 2014
analyst earnings estimates.
If you are Valassis shareholder and would like additional information
concerning your legal rights, please contact lead analyst Jim Baker (jimb@johnsonandweaver.com)
at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law
firm with offices in California and New York. The firm represents
individual and institutional investors in shareholder derivative and
securities class action lawsuits. For more information about the firm
and its attorneys, please visit http://www.johnsonandweaver.com.
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Copyright Business Wire 2013