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Subsequent Events
6 Months Ended
Aug. 24, 2012
Subsequent Events

Note 17 – Subsequent Events

On September 26, 2012, the Corporation announced that its Board of Directors received a non-binding proposal from Zev Weiss, its Chief Executive Officer, and Jeffrey Weiss, its President and Chief Operating Officer, on behalf of themselves and certain other members of the Weiss family and related parties to acquire all of the outstanding Class A and Class B common shares of American Greetings not currently owned by them for $17.18 per share. The Corporation’s Board of Directors has formed a special committee of independent directors to consider the proposal.

On September 27, 2012, a shareholder filed a purported class action and shareholder derivative lawsuit in the Court of Common Pleas in Cuyahoga County, Ohio entitled, Dolores Carter v. Zev Weiss, et al., against American Greetings Corporation and all of the members of the Corporation’s Board of Directors alleging that the Directors breached their fiduciary duties to the Corporation and its shareholders. The plaintiff seeks to have the court declare that the Directors breached their fiduciary duties, rescind any implementation of the non-binding proposal, and payment for attorneys’ fees and expenses.