Business News

American Greetings Announces Shareholder Approval Of Acquisition By Weiss Family

Friday 09. August 2013 - American Greetings Corporation (NYSE: AM) (the "Company") announced that at a special meeting of shareholders held today, shareholders adopted the previously announced merger agreement under which the Weiss Family will acquire the Company for $19.00 per share in cash.

The merger agreement was adopted by shareholders representing approximately 81% of the aggregate voting power of the Company’s outstanding stock. In addition, the merger agreement was adopted by shareholders holding approximately 67% of the shares of the Company’s outstanding stock not owned by the Weiss Family and its affiliated entities or the Company’s directors and officers, thus satisfying the “majority of the minority” shareholder approval condition in the merger agreement.
Subject to satisfaction of the remaining conditions in the merger agreement, the transaction is expected to close on or about August 9, 2013.
Peter J. Solomon Company is acting as financial advisor, and Sullivan & Cromwell LLP is acting as legal advisor, to the Special Committee of American Greetings’ Board of Directors. Baker & Hostetler LLP is acting as legal advisor to American Greetings. KeyBanc Capital Markets and Macquarie Capital are acting as financial advisors to the Weiss Family, and Jones Day is acting as legal advisor to the Weiss Family.