US card & gift giant American Greetings has been taken private by the family that owns it in a deal worth $878 million (£579 million), it has been announced.
Parent company of Clinton Cards, American Greetings is owned by the Weiss family which has elected to buy shares from public shareholders for $18.20 per share after initially expressing interest in the move in September last year.
The deal includes the company’s debt and settlement of stock options not owned by the Weiss family.
Last year, American Greetings purchased Clinton Cards’ outstanding debt from lenders and sought immediate repayment, forcing the retailer into administration, though the business began running the UK retailer via its Schurman Retail Group arm last June.
Commenting on the latest move, American Greetings’ President and Chief Operating Officer Jeffrey Weiss said: “We are excited to be able to lead the Company into the next chapter of its history.
“The transaction returns the company to private ownership in a way that we believe enables the Company to continue to serve the interests of its customers, employees, suppliers and the communities in which it operates as it has for over a century.”