Quick summary: American Greetings (AM-OLD) is a management buyout (MBO) with huge conflicts of interest. With one activist shareholder, an interesting deal structure, and an extremely discounted price, there is a significant possibility of a higher bid coming in from a competitor or a private equity shop. Even short of that, there's a strong case to be made that management will need to raise their bid in order to get this deal through.
American Greetings products are likely familiar to most readers; they, along with Hallmark, are the two dominant players in the greeting card market, with a roughly 82% market share between them (source). In addition, the company owns the valuable "Strawberry Shortcake" and "Care...
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