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American Greetings to acquire PhotoWorks for $26.5 mln

Wed Nov 28, 2007 5:15pm EST

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Nov 28 (Reuters) - Greeting card maker American Greetings Corp (AM.N) will acquire PhotoWorks Inc PHTW.OB, through its unit, for about $26.5 million, the companies said.

Stocks  |  Mergers & Acquisitions

American Greetings will make a cash tender offer to acquire all outstanding common shares of PhotoWorks at a price of 59.5 cents a share.

The deal is expected to have a minimal impact to fiscal 2008 earnings, American Greetings said in a statement. (Reporting by Shailesh Kuber in Bangalore, Editing by Dinesh Nair)

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