American Greetings Corp's founding and controlling family reached a deal to purchase the gift card and party goods company, valuing it at about $878 million including debt and settlement of stock options.Shareholders excluding the Weiss Family and related entities will receive $18.20 per share in cash, plus an additional 15-cent dividend if the deal closes in July as planned.Excluding debt and including the dividend, the deal values American Greetings at about $580 million.American Greetings shares were up 12 percent at $18.05 in early trading, below the offer price but far above the $14.34 they were trading at before the Weiss family made its original offer in September.
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 12.11% or $1.95/share to $18.05. In the past year, the shares have traded as low as $12.53 and as high as $17.49. On average, 211036 shares of AM exchange hands on a given day and today's volume is recorded at 9517127.
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