News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Northeast Ohio Medical University

Greater Akron Chamber

Akron General


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


American Greetings gets offer to go private
A rare move from public to private could hold dividends for century old greeting card company
by WKSU's JEFF ST. CLAIR


Reporter / Host
Jeff St. Clair
 
In The Region:

The board of directors of Brooklyn-based American Greetings received an offer this week from senior management to take the public company private.

The board is considering the move that, WKSU’s Jeff St.Clair reports, could have some advantages for the greeting card company.

St.Clair - Public to private is rare but advantageous

Other options:
Windows Media / MP3 Download (1:08)


The descendants of the 100 year-old company’s founders are offering around $580 million dollars to shareholders to purchase all stocks they don’t already own.  The Weiss family, including CEO Zev Weiss, say they want to take the company back to its roots of private ownership.  It went public in 1958.  American Greetings is uprooting from Brooklyn to Westlake with 93 million dollars in state financing in deal worked out this spring. 

Steve Percy, interim dean of Cleveland State University’s school of business, says while rare, some companies are switching from public to private.   In the post Enron era of costly accounting rules, he says private ownership can save on overhead.

“There’s quite a bit of competitive advantage that the company might gain vis-a’-vis its competitors by taking those costs out of the equation.”

Hallmark Cards, for example, one of American Greetings main competitors, is privately held.  Percy says private control consolidates decision making in the core management, and may improve job security for workers, at least in the short term.
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Bridgestone exec indictments are latest step in a billion-dollar price-fixing case
Why is O.P.E.C Not investigated and charges brought against it and it's member companies? It sounds exactly the same...

Ohio's new drilling rules rely on known earthquake faults
requiring drillers to place seismic monitors when they drill within 3 miles of known fault lines. This comment really upsets me!! What good does an instrument t...

Kasich's gubernatorial ad focuses on his blue-collar roots
John Kasich is the biggest con-man in America. He will say one thing and then do the opposite. He is terribly successful at fooling the public and he is worki...

Cab drivers who refuse to drive Gay Games taxis will be replaced
the irony is that most americans distrust or hate muslims much more than they hate gays!! silly ignorant bigots-GO HOME!!!

New transportation companies come to Cleveland
Ride-sharing companies are breaking laws and regulations every day. From regulatory fee evasion to use of smartphone while driving (and even two smartphones(!) ...

Cleveland anti-poverty agency executive resigns amid financial probe
That committee won't be too independent. He plans to stay on until after the new appointee is chosen.

How can you wipe a criminal record clean?
Great article! NO CLINIC in May 2014, however, because it's graduation month for students For the next dates of the FREE Legal Clinic to help with Expungment,...

Drilling remains suspended while ODNR investigates NE Ohio earthquakes
Flaring and lights, so has all been halted? Also, smell of HS2 and sounds of an auger/drilling/water rushing underground. So, has all been halted? In light of t...

Will the Ohio River carry fracking wastewater?
Texas $ vs. WV citizens . Who will our governor listen to?

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University