American Greetings to be taken private by founding family

April 1 Mon Apr 1, 2013 9:12am EDT

April 1 (Reuters) - American Greetings Corp's founding family has reached a deal to buy the gift card and party goods company, valuing it at about $878 million.

Shareholders excluding the Weiss Family and related entities will receive $18.20 per share in cash, plus a dividend of 15 cents per share. The stock closed at $16.10 on Thursday on the New York Stock Exchange.

Chief Executive Zev Weiss, other members of the founding Weiss family and related parties raised their offer in January to $17.50 per share from their original offer of $17.18 in September.

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