The company's shares jumped 17 percent on the news. The Cleveland-based greeting card company says its board received the proposal from Chief Executive Zev Weiss and President and Chief Operating Officer Jeffrey Weiss on Tuesday. 

The group, which also includes other investors and members of the executives' families, wants to acquire all of the company's common stock that it doesn't currently own for $17.18 per share.

That is a 20 percent premium over American Greetings' Tuesday closing stock price. Based on the company's about 33.8 million outstanding shares, the offer values American Greetings at $580.7 million.

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