American Greetings accepts 97% of PhotoWorks common stock

By Lisa Kerner

Charlotte, N.C., Jan. 15 - American Greetings Corp., through a wholly owned subsidiary, completed its $0.595-per-share tender offer for PhotoWorks, Inc.

The tender ended at 5 p.m. ET on Monday, according to a company news release.

Some 40.8 million shares, or 97% of PhotoWorks common stock, including about 10 million shares tendered under guaranteed delivery, were validly tendered and not withdrawn.

Total value of the tender offer was $26.5 million.

American Greetings said it plans to acquire all of the remaining PhotoWorks common stock at the same price per share.

Plans for the acquisition were first announced in November. At the time, the transaction was expected to close in late January.

Based in Cleveland, American Greetings product lines include greeting cards, gift wrap, party goods, stationery, calendars, ornaments and electronic greetings.

PhotoWorks is an online photography services company based in Seattle.

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