American Greetings Corp's founding family raised for the third time its offer to take the gift card maker private, sending the company's shares up 5 percent in early trading.The deal with the Weiss family, which made its initial offer in September, is now valued at about $606 million, excluding debt, based on its outstanding shares.The bidding group, which includes Chief Executive Zev Weiss, Chairman Morry Weiss and Chief Operating Officer Jeffrey Weiss, said it would now offer $19 per share, according to a regulatory filing on Tuesday.The original offer in September was $17.18 per share, which was raised to $17.50 in January and $18.20 in April. ()
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 4.64% or $0.84/share to $18.94. In the past year, the shares have traded as low as $12.53 and as high as $18.50. On average, 400541 shares of AM exchange hands on a given day and today's volume is recorded at 690172.
Source
