American Greetings to acquire PhotoWorks for $26.5 mln

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.

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)