(Brooklyn) - A deal is done as the Weiss family is officially buying Brooklyn-based American Greetings. It's a deal worth an estimated 878-million dollars.
The Weiss family is officially buying Brooklyn-based American Greetings. It's a deal worth an estimated 878-million dollars.
Under terms of the deal, American Greetings CEO Zev Weiss and his brother Jeffrey, who is the company president, are buying all stock not currently owned by the family. The Weiss' will pay American Greetings Class A and Class B shareholders $18.20 cash and a quarterly dividend of 15 cents a share, if approved by the American Greetings board of directors.
Last fall, American Greetings announced that it would put a temporary hold on its plans to move its headquarters from Brooklyn to Westlake's Crocker Park development. The move wasn't canceled, but was held back until the company's ownership was confirmed.
Westlake mayor Dennis Clough tells WTAM that the move to Crocker Park won't be back on the fast track until American Greetings' shareholders approve the sale to the Weiss family. He says nontheless, the city will continue with its $6 million plan to upgrade Crocker Road and its intersection with I-90, along with Clemens Road, to better handle traffic headeded to Crocker Park.
The deal is expected to close in July. American Greetings was founded in 1906.