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Group raises takeover offer for American Greetings

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

In its regulatory filing on Thursday, the group said that it has commitments of more than $700 million in bank financing for the proposed transaction and believes the remaining financing needed for the deal "will be available to us in the near future."

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.