American Greetings is to become a private company once more.
A newly organised entity owned by the Weiss Family and related persons will acquire the company.
Under the agreement, American Greetings Class A and Class B shareholders will receive $18.20 per share in cash and, if declared by the Board, one regularly quarterly dividend of $0.15 per share.
The total value of the transaction is approximately $878 million.
"We are excited to be able to lead the company into the next chapter of its history," said Jeffrey Weiss, president and COO. "The transaction returns the company to private ownership in a way that we believe enables the company to continue to serve the interests of its customers, employees, suppliers and the communities in which it operates as it has for over a century."
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