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Marketing-services provider Valassis (VCI Quote) agreed to buy Advo (AD Quote), a direct-advertising mailer, in a deal valued at around $1.2 billion.
Valassis will pay $37 for each share of Advo. The company also expects to refinance around $125 million in existing Advo debt.
Advo soared on the news, gaining $11.67, or 48%, to $35.93. The stock had closed Wednesday at $24.26, and during the last year, it has traded between $23.06 and $35.80. ...
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