Acquisition of American Greetings Corporation in a Management Led Buy-Out by the Weiss Family May Not Be in the Best Interests of American Greetings
SAN DIEGO and CLEVELAND, April 4, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of American Greetings Corporation (NYSE: AM) by the Weiss Family. On April 1, 2013, American Greetings announced the signing of a definitive merger agreement whereby the Weiss Family will acquire American Greetings for $18.20 per share in cash.
The Board of Directors' Actions May Prevent American Greetings Shareholders from Receiving Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors at American Greetings is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger or whether they are seeking to benefit themselves. The $18.20 merger consideration represents a premium of only 13% based on American Greetings' closing price on March 28, 2013, the last trading day prior to the merger announcement. Further, following completion of the merger, three of American Greetings' officers, Director and Chief Executive Officer Zev Weiss, Director, President, and Chief Operating Officer Jeffrey Weiss, and Senior Vice President Erwin Weiss, will continue to manage the surviving corporation.
Given these facts, the firm is examining whether the board of directors' decision to sell American Greetings for $18.20 per share is fair to shareholders and maximizes the value for their shares.
American Greeting shareholders have the option to file a class action lawsuit to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner. American Greetings shareholders interested in information about their rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.
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SOURCE Robbins Arroyo LLP