August 9, 2013, 12:55 PM

American Greetings goes private after shareholders agree to the founding family’s buyout offer

The Weiss family will pay $878 million to take control of the greeting card maker.

Stefany Moore

Associate Director of Research

Lead Photo

American Greetings Corp. has officially gone private, as an acquisition deal by the Weiss family closed today.

American Greetings’ shareholders held a special meeting this week and approved the  $878 million buyout agreement. The Weiss family, which dominates top management of the company, paid $19 per outstanding share including all debt obligations.

The Weiss family consists of the company’s chairman, Morry Weiss, as well as his sons, Zev, the chief executive, and Jeffrey, the president and chief operating officer. 

"Our family has guided the Company for more than 100 years and we are excited to see American Greetings return to its roots as a family-owned business,” says Jeffrey Weiss.

In April, the e-retailer announced it had reached a deal that called for the Weiss family to pay nonfamily shareholders $18.20 a share in cash plus a 15-cent-per-share dividend if the deal closed by its July target date. The family beefed up its offer to $19 per share last month in the face of opposition from some shareholders.

American Greetings is No. 233 in the new Internet Retailer Top 500 Guide. The merchant, which sells digital greeting cards and related products online, brought in $78.4 million in web sales in 2012, a 2.4% drop compared with $80.3 million in 2011.

Comments

Sign In to Make a Comment

Comments are moderated by Internet Retailer and can be removed.

Not a member? Signup for free today!

Advertisement

Advertisement

Advertisement

Relevant Commentary

FPO

Jason Squardo / Mobile Commerce

Five tips for achieving high mobile search rankings

Searches on mobile devices will soon exceed those on computers, Google says. Retailers that keep ...

FPO

Sergio Pereira / B2B E-Commerce

Quill turns to its B2B customers for new ideas

Coming in April is a new section of Quill.com that will let customers and Quill ...

Advertisement