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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: A group led by American Greetings CEO, Zev Weiss, and his brother, chief operating officer, Jeffrey Weiss, which includes other investors and family members has offered to acquire all remaining shares at $17.18 per share (about a 20% premium to yesterday's close) to take the company private. The proposal will be sent to the board of directors, who will then form a special committee to review the proposal.
Now what: This could be just what the doctor ordered for American Greetings, which has struggled to refinance its debt and has dealt with negative repercussions from the bankruptcy of Britain's Clinton Cards. Even if the company doesn't go private, I have to wonder how on earth the company is going to generate growth from its Papyrus stores and greeting card business. If I were an American Greetings shareholder, I'd be pounding the table for the board to accept this deal!
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