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American Greetings Announces Receipt Of "Going Private" Proposal At $17.18 Per Share

We recognize that the independent directors will need to separately review this proposal under such process as they determine to be appropriate.  We will keep you apprised of material developments and cooperate with you in this regard.  As you consider this proposal, you should know that the Series B shareholders on behalf of whom this proposal is made believe that their ownership in the company is a strategic investment and have no current intention to sell all or any significant portion of their shares. 

This proposal is subject to the finalization of financing, including the entry into definitive agreements by the sponsoring shareholders and arranging and entering into definitive debt financing documents, the determination by independent directors that the proposal is fair and the negotiation and execution of definitive transaction documents.  As we trust you will appreciate, given among other things the volatility of the capital markets, we reserve the right to withdraw or modify this proposal.

Thank you in advance for your consideration of this matter.

Very truly yours,

/s/ Jeff Weiss                          /s/ Zev Weiss

Jeff Weiss                              Zev Weiss

SOURCE American Greetings Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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