American Greetings Shares Over $18 as Weiss Family to Purchase at $18.20/Share

American Greetings Corporation

(the "Company" or "American Greetings") announced today that it has signed a definitive agreement under which a newly organized entity owned by the Weiss Family, including the Company's Chairman, Morry Weiss; Director and Chief Executive Officer, Zev Weiss; and Director, President and Chief Operating Officer, Jeffrey Weiss and related persons and entities, will acquire the Company.  Under the agreement, American Greetings Class A and Class B shareholders, excluding the Weiss Family and related entities, will receive $18.20 per share in cash, and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company's past practice.  If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share.  The total value of the transaction is approximately $878 million, including the assumption of the Company's 7⅜% notes due 2021, which will remain outstanding after the transaction, the repayment of borrowings under the company's revolving credit facility and the settlement of stock options not held by the Weiss Family.  The $18.20 per share price represents a premium of 26.9% over the trading price for Class A shares on September 25, 2012, the date on which the Weiss Family initially proposed to acquire the Company, and a premium of 13.0% over the closing trading price on March 28, 2013.