American Greetings Sets Buyback

The company can repurchase another $200 million of stock.
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Greeting-card maker

American Greetings

(AM) - Get Report

said its directors have authorized a second program to purchase up to $200 million of its Class A shares.

While there's no set expiration for the program, the company expects to complete the buyback by the end of the calendar year, if market conditions permit.

The Cleveland-based company has finished a previous $200 million share repurchase program, announced last April, ahead of schedule. During its most recent buyback, American Greetings purchased 8.2 million Class A shares at an average price of $24.38 a share, excluding commissions.

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