The group said it does not plan to raise its bid further.
Last month American Greetings reported a fiscal third-quarter loss because of costs related to its Clinton Cards stores, which it purchased out of bankruptcy in June. Revenue increased 9 percent for the period.
Aside from its namesake cards, American Greetings' brands include Carlton Cards, Recycled Paper Greetings and Papyrus.
SHARE ACTION: American Greetings Corp.'s stock rose $1.12, or 7.2 percent, to $16.60 in morning trading. Over the past year, the stock has traded between $12.53 and $17.49.