American Greetings Announces Authorization For $75 Million Share Repurchase Program

American Greetings Announces Authorization For $75 Million Share Repurchase Program PR Newswire CLEVELAND, July 24, 2012 CLEVELAND, July 24, 2012 /PRNewswire/ -- American Greetings Corporation (NYSE: AM) today announced that its Board of Directors has authorized the repurchase of up to $75 million of Class A common shares. The share repurchases are currently expected to be made through open market purchases or privately negotiated transactions as market conditions warrant, at prices the Company deems appropriate, and subject to applicable legal requirements and other factors. There is no set expiration date for this program and there is no minimum or maximum number of shares to be repurchased under the program. Chief Executive Officer Zev Weiss said, "We continue to believe that our current stock price is undervalued and want to take advantage of that discount through a new share repurchase authorization. Furthermore, we are giving consideration to the amount of cash used to pay dividends and whether a portion of the funds used to pay dividends should be reallocated to purchasing additional shares if our stock price continues to be undervalued. We expect that any decision to change our dividend policy would be made and announced by our second fiscal quarter earnings call in late September.