American Greetings Ups Privatization Offer

GDA Staff -- Gifts and Dec, 1/22/2013 1:22:21 PM

CLEVELAND - American Greetings may be closer to going private following CEO Zev Weiss's increase in the company's purchase price by nearly two percent.

The company, founded by the Weiss family, first considered going private last year. Last September, the stationery company's board of directors formed a special committee of independent directors to consider a privatization proposal, made by members of the Weiss family and other related parties, to take the company private and return it to a family-owned enterprise.The initial offer made last September valued American Greetings at about $581 million, based on 33.8 million Class A common shares outstanding at the time.

The new offer could help kick off the sales process again, which has been stagnant since the initial proposal. The price represents a two percent increase from the original offer of $17.18 a share.

American Greetings brands include American Greetings, Carlton Cards and Gibson.