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Exhibit 2
CONTACT: Xxxx Xxxxxxxx Xxx Xxxx
Xxxx Xxxxxxxx Associates Manager, Investor and Media Relations
(000) 000-0000 American Greetings
xxxx@xxxx-xxxxxxxx.xxx (000) 000-0000
Xxxxx X. Xxxxxx Xxxx X. Xxxxx
Xxxxxx Greetings, Inc. Vice President, Treasurer
(000) 000-0000 (000) 000-0000
FOR IMMEDIATE RELEASE
XXXXXX GREETINGS ANNOUNCES AGREEMENT
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TO BE ACQUIRED BY AMERICAN GREETINGS
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AMERICAN GREETINGS OFFERS $10.25 PER SHARE IN CASH
CINCINNATI, OH, November 3, 1999 - Xxxxxx Greetings, Inc. (NASDAQ: GIBG) today
announced an agreement to be acquired by American Greetings (NYSE: AM) for
$10.25 per share in cash for Xxxxxx stock, for a total of approximately $163
million, based on the number of common shares outstanding. The acquisition will
be completed as soon as possible subject to regulatory matters.
"The offer by American Greetings represents the best opportunity for Xxxxxx to
enhance shareholder value," said Xxxxx X'Xxxxxxx, chairman and chief executive
officer of Xxxxxx Greetings. "We also are happy American Greetings values the
150-year heritage of Xxxxxx and the value of our brand in the marketplace."
X'Xxxxxxx added: "Our most valued asset is the commitment and dedication of our
Associates, who we will rely on to continue providing retailers with the same
quality of service during this transaction. We know that American Greetings
values them highly and they are a major resource that will enable the Company to
grow and expand."
American Greetings plans to continue to use the Xxxxxx name to extend its
current branding strategy into other emerging retail channels. The acquisition
also should result in improved productivity for the current retail customers of
Xxxxxx Greetings.
"This is an exciting opportunity to expand our greeting card business into
another channel with a proven brand name, Xxxxxx. This will benefit our
consumers, retailers, shareholders, and Associates,"
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said Xxxxx Xxxxx, chairman and chief executive officer of American Greetings.
Xxxxxx Greetings, Inc., an industry innovator in the greeting card business, is
pursuing a strategy of marketing relationship-fostering products that provide
strong entertainment value. Xxxxxx distributes more than 24,000 individual
relationship communication products (over 5,000 new products last year),
including greeting cards, gift wrap, party goods, licensed products and Silly
Slammers. E-mail greetings featuring Xxxxxx content are available through the
privately held Egreetings Network (xxx.xxxxxxxxxx.xxx), in which Xxxxxx holds a
minority equity interest. Xxxxxx cards are also available through the Internet
from Xxxxxx.xxx (xxx.xxxxxx.xxx), a leading online provider of greeting cards.
For more information on Xxxxxx Greetings, please visit our web site at
xxx.xxxxxxxxxxxxxxx.xxx or the Silly Slammers site at xxx.xxxxxxxxxxxxx.xxx.
American Greetings is the world's largest publicly held creator, manufacturer
and distributor of greeting cards and social expression products. With
headquarters in Cleveland, Ohio, American Greetings employs more than 21,000
associates around the world and has one of the largest creative studios in the
world. For more information on the Company, visit their site on World Wide Web
at xxx.xxxxxxxxxxxxxxxxx.xxx.
(Except for historical information contained herein, this press release contains
forward-looking statements that involve risks and uncertainties that could cause
results to differ materially from those projected. These include economic,
competitive, governmental and technological factors affecting the Company's
operations, markets, products, services and prices as described in the Company's
SEC reports. The Company assumes no obligation to update the information in this
release.)
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