The founding family of American Greetings Corp. has reached an agreement to purchase the gift card and party goods firm which is being valued at about $878 million.

Excluding the Weiss Family and related entities, shareholders in the company are expected to receive $18.29 per share in cash including a dividend of 15 cents per share.

According to Zev Weiss, the company's chief executive officer, other members of the founding Weiss family and related parties decided to increase their offer from their previous offer of $17.18 in September to $17.50 per share January.

The stock closed on the New York Stock Exchange at $16.10.