The founding family of American Greetings, the second-largest maker of greeting cards behind market leader Hallmark, has agreed to take the company private in an $878 million deal including debt and the settlement of stock options not held by the family.
American Greetings chairman Morry Weiss and his sons, CEO Zev Weiss and COO Jeffrey Weiss, currently control nearly half of the companys stock. At least five Am Law 100 firms have landed roles on the proposed transaction, which is expected to close in July, pending shareholder approval and the satisfaction of certain financing conditionsincluding $240 million from an investment unit controlled by the Koch brothers.
