by Christopher Freeburn | April 1, 2013 11:05 am
Shares of American Greetings (NYSE:AM) jumped more than 12% in Monday morning trading after a consortium of investors said it will pay $18.20 a share to acquire the company.
Including dividend payments and debt, the deal is valued at $878 million, the Associated Press noted.
The investor group’s bid represents a premium of 13% above the company’s last closing price, and is higher than a previous bid of $17.18 a share offered in September.
Chairman Morry Weiss and CEO Zev Weiss, as well as other members of the company’s founding family, are part of the group taking the iconic card maker private.
Last year, American Greetings acquired 397 card shops in the United Kingdom owned by Clinton Cards, saving 4,500 jobs after the British card retailer went bankrupt.
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