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Sept. 26, 2012 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the proposed acquisition of American Greetings Corp. by the company's management. American Greetings Corporation (NYSE: AM) announced that
Zev Weiss, its Chief Executive Officer, and
Jeffrey Weiss, its President and Chief Operating Officer, on behalf of themselves and certain other members of the Weiss family and related parties are seeking to acquire all of the outstanding Class A and Class B common shares of American Greetings not currently owned by them for
$17.18 per share.
The investigation concerns whether the Weiss family and the Board of Directors of AM are breaching their fiduciary duties by not engaging in a full and fair independent auction to ensure that shareholders will receive the highest price possible for their shares, while not allowing the Weiss family to acquire the company for themselves at the lowest price possible. Indeed, the offer price of
$17.18 per share is well below the company's book value of
$20.10 per share and Wall Street analysts' projections of the company's true inherent value (
$30 per share).
If you are a shareholder of AM and would like to obtain additional information concerning this matter, please contact us toll free at 877-772-3975 or email at
Tripp Levy PLLC is a leading national law firm and has recovered millions of dollars for shareholders in similar actions around the globe. Attorney advertising – prior results do not guarantee a similar outcome.
Tripp Levy PLLC877-772-3975
SOURCE Tripp Levy PLLC