American Greetings to be taken private

4/2/2013

CLEVELAND — American Greetings Corp. has agreed to be taken private by a group led by some of its top executives in a deal that values the company at about $580 million.

The greeting card and gift seller said Monday that a group formed by the Weiss family, including Chairman Morry Weiss and CEO Zev Weiss and others, will buy the shares of the company they don't already own for $18.20 per share in cash.

That's a 13 percent premium to American Greetings Corp.'s closing price of $16.10 last Thursday.