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American Greetings taken private by Weiss family

[August 10, 2013]  NEW YORK (AP) -- The card company American Greetings is no longer trading on the New York Stock Exchange after being taken private by the family that has run the company for more than a century.

The Weiss family said it would acquire the Cleveland company in April, along with a group of investors.

The deal, which closed Friday, values the company at about $580 million, or $878 million including assumed debt and the settlement of stock options.

Chief Operating Officer Jeff Weiss says the family is excited to return the company to its roots as a family-owned business.

[Associated Press]

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