News Summary: American Greetings gets buyout offer

Wednesday - 9/26/2012, 11:38am EDT

By The Associated Press

(AP) - THE OFFER: American Greetings Corp. received an offer from a group led by its CEO and chief operating officer to take the company private in a deal valued at about $581 million.

THE DETAILS: The group wants to acquire all of the company's common stock that it doesn't currently own for $17.18 per share. That is a 20 percent premium over the Cleveland-based greeting card company's closing stock price Tuesday.

THE REPLY: The company's board plans to form a committee of independent directors to evaluate the offer.

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