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, whose brands include American Greetings, Carlton Cards and Gibson, said it will form a special committee of independent directors to consider the proposal.
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 16.88% or $2.42/share to $16.76. 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 624221.
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