Business News

Management Buyout Of American Greetings — Law Firm Seeks More Money And Information For Shareholders

Thursday 27. September 2012 - Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the proposed acquisition of American Greetings Corp. by the company's management. American Greetings Corporation (NYSE: AM) announced that Zev Weiss, its Chief Executive Officer, and Jeffrey Weiss, its President and Chief Operating Officer, on behalf of themselves and certain other members of the Weiss family and related parties are seeking to acquire all of the outstanding Class A and Class B common shares of American Greetings not currently owned by them for $17.18 per share.

The investigation concerns whether the Weiss family and the Board of Directors of AM are breaching their fiduciary duties by not engaging in a full and fair independent auction to ensure that shareholders will receive the highest price possible for their shares, while not allowing the Weiss family to acquire the company for themselves at the lowest price possible. Indeed, the offer price of $17.18 per share is well below the company’s book value of $20.10 per share and Wall Street analysts’ projections of the company’s true inherent value ($30 per share).