American Greetings Buyout Price Raised

The price to take American Greetings (UNKNOWN: AM.DL2  ) private is increasing. The Weiss family, key shareholders and top managers of the company, have lifted their bid to $19.00 from the former $18.20.

The Weisses -- which include company Chairman Morry, CEO Zev, and COO Jeffrey -- plus "related persons and entities" have been attempting to buy out fellow shareholders since last September. The previous $18.20 bid was met with resistance by shareholder TowerView, an investment fund that owns slightly over 6% of the company. TowerView said it would vote against a buyout at that price.

In the press release announcing the sweetened bid, American Greetings pointed out that the $19.00 price tag is 32.5% higher than the stock's value when the group made its first bid last September. It also took pains to mention that it is 4.4% above the Weisses' former $18.20 bid.

At the moment, American Greetings trades at $18.96 per share. It has nearly 32 million shares outstanding.


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