American Greetings Board Bias Aided $878M Bid, Suit Says

Law360, New York (April 17, 2013, 5:43 PM EDT) -- An American Greetings Corp. shareholder took aim at the card and gift company's founding family Wednesday, saying in a proposed class action that they were too close to a purportedly independent board that approved the terms of their lowballed $878 million go-private bid.

In a suit filed in Ohio federal court, investor R. David Wolfe asked a judge to block the buyout of Cleveland-based American Greetings, which he said gave members of the Weiss family an unfair opportunity to snatch away the 50 percent stake they...
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