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.