American Greetings Went Private Last Month
Posted on September 26, 2013
American Greeting Corporation went private last month. It was acquired by the Weiss Family for $19 per share. The total amount of the buyout was over $600 million. American Greetings has been creating and manufacturing greeting cards for over 100 years. The deal was approved by shareholders at a special meeting held on August 7, 2013 at the company headquarters in Cleveland, Ohio. The company had been receiving proposals about going private from the Weiss Family since as early as Q3 2012.Chief Executive Officer Zev Weiss said in a statement on the closing date, "Today is a milestone in the Company's history as shareholders approved the Weiss Family proposal to make American Greetings a privately held company and that transaction was closed today."
President and COO Jeff Weiss said, "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."
A news story about the acquisition in the Cleveland Plain Dealer says the acquisition was overwhelmingly approved by share holders. Companies that go from public to private are often doing pretty well.