American Greetings Taken Private

Joseph Byrne Monday, April 1, 2013

American Greetings is being taken private for about $602 million dollars that will be paid by share to shareholders. This action is being made by a group of its top executives, who previously tried to buy out the company late last year.

This popular greeting card and gift seller said today that a group formed by the Weiss family, including CEO Zev Weiss, Chairman Morry Weiss, and others, will purchase the shares of the company that they do not own presently for $18.20 each share. This is a premium over the American Greeting’s Corporation’s closing share price of $16.10 last Thursday.

In September, the Weiss family offered to buy American Greetings Corporation for $17.18 a share. They finally came to an amount that the shareholders would take, so that the company can be privatized. To privatize the company, as well as related companies, they are valuing the deal at $848 million dollars, including the debt that they are assuming and a dividend.

In addition to the namesake brand of American Greetings, they also own Carlton Cards, Papyrus, and Recycled Paper Greetings. Their greeting cards and gifts are widely available in retailers across the country and are widely popular with consumers of all income levels.

joeb@longislandyellowpages.com

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