American Greetings Agrees to Takeover by Weiss Family
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American Greetings Corp., the biggest publicly traded greeting-card maker, agreed to be taken private by a group led by Chief Executive Officer Zev Weiss for about $524 million.
The group, including Chairman Morry Weiss and Chief Operating Officer Jeffrey Weiss, offered $18.20 a share in cash, 27 percent more than the close of the Class A stock on Sept. 25, the day before the Weiss family first proposed to acquire the company. A 15 cent-a-share dividend may also be offered, which would give stockholders $18.35 a share for the deal, the Cleveland-based company said today in a statement.