American Greetings $612M Management Buyout Wins Nod

Law360, New York (August 7, 2013, 11:56 AM EDT) -- American Greetings Inc. shareholders approved a $612 million sale to its founding family on Wednesday, ending an 11-month process that shone a spotlight on the uphill battle facing recent management buyouts.

Two-thirds of shareholders not affiliated with the Weiss family, which is offering $19 per share for the century-old card maker, voted in favor of the deal, according to preliminary tallies. That is enough to satisfy the deal's “majority of the minority” clause, which neutralized the insiders' stakes and put the vote in the hands of...
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