American Greetings Corp said it received a go-private offer from a group led by its chief executive, valuing the company at about $580 million.The offer of $17.18 per share represents a premium of nearly 20 percent to the stock's Tuesday close of $14.34.The company's shares, which have lost about a third of their value since last September, were up 18 percent at $16.90 on Wednesday morning on the New York Stock Exchange.CEO Zev Weiss, along with other members of the founding Weiss family and related parties, made the offer on Sept. 25.
American Greetings Corporation (American Greetings) is engaged in the design, manufacture and sale of everyday and seasonal greeting cards and other social expression products. Shares of AM traded higher by 15.9% or $2.28/share to $16.62. In the past year, the shares have traded as low as $12.47 and as high as $19.82. On average, 360798 shares of AM exchange hands on a given day and today's volume is recorded at 779177.
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