Group raises takeover offer for American Greetings

Published on NewsOK Modified: January 18, 2013 at 10:47 am •  Published: January 18, 2013

NEW YORK (AP) — Shares of American Greetings climbed more than 7 percent Friday as a group led by some of the company's top executives increased their bid to take the greeting card and gift seller private.

THE SPARK: On Thursday members of the Weiss family, including American Greetings CEO Zev Weiss and his brother, President and Chief Operating Officer Jeffrey Weiss, along with other investors and executives, raised their takeover offer for the stock they don't already own to $17.50 from $17.18 per share.

The revised offer, which was disclosed in a regulatory filing, is a 7 percent premium to the Cleveland company's Wednesday closing price of $16.30.

The new bid values the entire company at about $578.9 million. The company currently has about 33.1 million outstanding shares, according to FactSet.

The group's initial offer valued American Greetings at approximately $581 million, when the company had more shares outstanding.

THE BIG PICTURE: The group including the Weiss brothers submitted their initial acquisition proposal to American Greeting's board in September.

| |


Trending Now


  1. 1
    Glen Campbell Moved to Health Care Facility
  2. 2
    Why the U.S. government is 'trolling' terrorists on social media -
  3. 3
    Tulsa World: Frank Haith named Tulsa's new men's basketball coach
  4. 4
    Transgender Icon Claims She Was Banned From Facebook For Using 'Tranny' And 'Shemale'
  5. 5
    Actor Ken Jeong picks Kendrick Perkins for his biopic
+ show more