American Greetings receives $532 million offer from CEO

Wed Sep 26, 2012 9:49am EDT
 
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(Reuters) - American Greetings Corp (AM.N: Quote) said it received a go-private offer from a group led by its chief executive, valuing the company at about $532 million.

The offer of $17.18 per share represents a premium of nearly 20 percent to the stock's Tuesday close of $14.34.

The company, whose brands include American Greetings, Carlton Cards and Gibson, said it will form a special committee of independent directors to consider the proposal.

(Reporting by Chris Jonathan Peters in Bangalore; Editing by Saumyadeb Chakrabarty)