American Greetings Announces Receipt of "Going Private" Proposal at $17.18 Per Share
American Greetings Corporation (NYSE: AM) announced that its Board of Directors has received a non-binding proposal dated September 25th, 2012 from Zev Weiss, its Chief Executive Officer, and Jeffrey Weiss, its President and Chief Operating Officer, on behalf of themselves and certain other members of the Weiss family and related parties to acquire all of the outstanding Class A and Class B common shares of American Greetings not currently owned by the them for $17.18 per share. A copy of the proposal letter is set forth as Exhibit A.
The Company expects that its Board of Directors will form a special committee of independent directors to consider the proposal. This special committee would then be authorized to retain independent financial advisors and legal counsel to assist it in its work. The Company's shareholders and others considering trading in its securities are cautioned that it has only received the proposal and that no decision has been made with respect to the Company's response to the proposal. In addition, there can be no assurance that any definitive, binding offer will be made, that any agreement will be executed or that the transaction contemplated in the proposal or any other transaction will be approved or consummated. The Company does not anticipate making any further public statements about this matter or the activities of the special committee unless and until either it enters into a definitive agreement for a transaction or the special committee determines that no such transaction will be effected.
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