$550M American Greetings Go-Private Bid Spurs Investor Suit

Law360, New York (October 16, 2012, 6:35 PM EDT) -- An investor in greeting card giant American Greetings Corp. launched a derivative and shareholder class action in Ohio state court on Friday to halt the company’s $550 million proposal to take the company private.

American Greetings investor Mark Hassett accused the company’s CEO Zev Weiss of offering company investors a raw deal in his family’s going-private bid, which was announced on Sept. 25 and offered shareholders $17.18 a share, a 20 percent premium on that day’s share price.

Hassett claims American Greetings' Sept. 25 stock price...
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