American Greetings Corp.’s (NYSE: AM) chairman, Morry Weiss, and a newly formed company owned by the Weiss family will take the company private for $878 million.

The purchase price works out to $18.20 per share. If approved by American Greetings’ board of directors, shareholders could also receive a $0.15 dividend. The Cleveland-based company has about $1.7 billion in annual revenue.

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