Key Developments: American Greetings Corp (AM)
18.35USD
19 Jun 2013
$-0.13 (-0.70%)
$18.48
$18.44
$18.44
$18.35
101,194
638,839
$18.50
$12.53
Latest Key Developments (Source: Significant Developments)
American Greetings Corp Announces Quarterly Dividend
American Greetings Corp announced a quarterly cash dividend of $0.15 per share to be paid on July 15, 2013 to shareholders of record at the close of business on July 3, 2013. Full Article
Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of American Greetings Corp
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP announced that they are investigating the going private proposal of American Greetings Corp (American Greetings) by the Weiss Family for shareholders. Under the terms of the proposed transaction valued at approximately $878 million, American Greetings shareholders will only receive $18.20 in cash for each share of stock owned. The American Greetings sale investigation centers on whether American Greetings` shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues American Greetings` stock, and whether American Greetings` board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Shareholder rights attorney Willie Briscoe commented that based upon the proposed sale price, the size of the deal, and other factors, we believe this transaction may undervalue American Greetings` stock. Full Article
American Greetings Corp Announces Definitive Acquisition Agreement
American Greetings Corp announced that it has signed a definitive agreement under which a newly organized entity owned by the Weiss Family, including the Company's Chairman, Morry Weiss; Director and Chief Executive Officer, Zev Weiss; and Director, President and Chief Operating Officer, Jeffrey Weiss and related persons and entities, will acquire the Company. Under the agreement, American Greetings Class A and Class B shareholders, excluding the Weiss Family and related entities, will receive $18.20 per share in cash, and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company's past practice. If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share. The transaction will be financed through a combination of the contributions of the American Greetings shares owned by the Weiss Family, cash funded by a $240 million non-voting preferred stock investment committed by Koch AG Investment, LLC, a subsidiary of Koch Industries Inc., and $600 million in committed debt financing, consisting of a $400 million term loan and a $200 million revolving credit facility, and cash on hand. The senior lender group consists of Bank of America, N.A., Deutsche Bank AG New York Branch, KeyBank National Association, Macquarie Capital USA, Inc. and PNC Bank National Association. Full Article
American Greetings Corp Announces Quarterly Dividend
American Greetings Corp announced a quarterly cash dividend of 15 cents per share to be paid on April 8, 2013 to shareholders of record at the close of business on March 27, 2013. Full Article
American Greetings Corp Announces Quarterly Dividend
American Greetings Corp announced a quarterly cash dividend of $0.15 per share to be paid on December 28, 2012 to shareholders of record at the close of business on December 19, 2012 . Full Article
Law Offices of Howard G. Smith Announces Investigation of American Greetings Corp
Law Offices of Howard G. Smith announced that it is investigating potential claims against the Board of Directors of American Greetings Corp (American Greetings or the Company) related to the proposed acquisition of the Company. A group led by Chief Executive Officer Zev Weiss and Chief Operating Officer Jeffrey Weiss offered to take the company private for approximately $580 million, or $17.18 per share. This investigation concerns the Board of Directors’ process for consideration of the proposed acquisition, and whether American Greetings is acting in its shareholders’ best interests. The Company has seen substantial recent growth. Its share price has skyrocketed from $12.66 on August 2, 2012 to $16.30 on September 14, 2012. Further, at least one analyst has set a target price for the Company’s stock at $30.00 per share. Full Article
Levi & Korsinsky, LLP Announces Investigation of Board of Directors of American Greetings Corp
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of American Greetings Corp for possible breaches of fiduciary duty and other violations of state law in connection with the receipt of a merger proposal from the Company's CEO, Zev Weiss, and President and COO Jeffrey Weiss. Under the terms of the proposed transaction, American Greetings shareholders would receive $17.18 per share of American Greetings stock they own. The proposed transaction has a total approximate value of $532 million. The investigation concerns, among other things, whether the consideration to be paid to American Greetings shareholders is unfair, inadequate, and substantially below the fair or inherent value of American Greetings stock. In particular, at least one analyst set a price target for American Greetings stock at $30.00 per share. Full Article
Shuman Law Firm Investigates American Greetings Corp
The Shuman Law Firm announced that it is investigating claims in connection with the proposed buyout of American Greetings Corp by members of Company’s founding family. Under the terms of the proposal, public shareholders of American Greetings will receive $17.18 per share in cash for each share of American Greetings stock they own for a total of approximately $532 million. According to YCharts, this proposed buyout price is well below the Company’s book value of $19.48 per share. The Firm’s investigation focuses on this issue. As one Seeking Alpha article stated with respect to this transaction, “it is unreasonable to sell a company that has stable business and minimum capital expenditure below the book value, especially to the Company's senior management.” Full Article
Ryan & Maniskas, LLP Announces Investigation of American Greetings Corp
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of American Greetings Corp (American Greetings or the Company) concerning possible breaches of fiduciary duty and other violations of law related to American Greetings’ receipt of a proposal from its Company’s CEO, Zev Weiss, and President and COO Jeffrey Weiss to acquire all of the outstanding shares of the Company’s common stock in a going private transaction valued at approximately $523 million. Our investigation concerns the Company’s board of directors’ process for consideration of the proposed transaction, whether American Greetings is acting in its shareholders’ interests and whether the proposed consideration to be paid to American Greetings shareholders would be fair and adequate. Under the terms of the proposed transaction, American Greetings shareholders would receive $17.18 per share of American Greetings stock they own. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of American Greetings Corp
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of American Greetings Corporation (American Greetings) for possible breaches of fiduciary duty and other violations of state law in connection with the receipt of a merger proposal from the Company’s CEO, Zev Weiss, and President and COO Jeffrey Weiss. Under the terms of the proposed transaction, American Greetings shareholders would receive $17.18 per share of American Greetings stock they own. The proposed transaction has a total approximate value of $532 million. The investigation concerns, among other things, whether the consideration to be paid to American Greetings shareholders is unfair, inadequate, and substantially below the fair or inherent value of American Greetings stock. Full Article
UPDATE 5-Dole's 90-year-old CEO offers to take company private
* Dole CEO is 213th richest American, says Forbes (Adds analyst comments, company background, closing share price)
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