MILWAUKEE, April 1, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of American Greetings Corporation for possible breaches of fiduciary duty and other violations of state law in connection with the sale of American Greetings to the Weiss Family.
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American Greetings' long-term financial outlook is very positive and yet American Greetings shareholders will receive only the equivalent of $18.35. The Weiss Family is well aware of American Greetings' improving financial metrics and is purchasing American Greetings at a substantial discount. The merger agreement unreasonably limits prospective bids for American Greetings by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should American Greetings receive and accept a superior bid. American Greetings insiders, their affiliates and other majority shareholders own significant voting stock of American Greetings, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of American Greetings not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of American Greetings' Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for American Greetings given its current financial condition and prospects.
If you own common stock in American Greetings and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/american-greetings-corporation.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP