Why is american greetings going private

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On Wednesday, a company spokeswoman said the new headquarters, part of a bigger expansion of Crocker Park, is still on hold. Founded in by a Polish immigrant, American Greetings is the nation's second-largest greeting-card maker.

Hallmark Cards Inc. Now American Greetings will become part of a holding company owned by Zev Weiss, the chief executive officer; Morry Weiss, the chairman; Jeffrey Weiss, the president and chief operating officer; and other family members.

But Institutional Shareholder Services, another advisory firm, sided with the Weisses and said the buyout promised investors the "certainty of cash at a significant premium" over what the share price would be without a go-private offer pending, according to Bloomberg News reports.

Daniel Tisch of TowerView did not respond to a request for comment after the vote. Fine said he wasn't surprised that shareholders accepted the cash. The Weiss family owns only 7. I suspect TowerView's role was really to put some pressure on them to raise the offer to a higher price, and I'm sure they made some money on the deal. On Twitter:. Note to readers: if you purchase something through one of our affiliate links we may earn a commission.

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