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GIBSON REAFFIRMS REJECTION OF MERGER NEGOTIATION WITH RIVAL

CINCINNATI, March 8 /PRNewswire/ -- Gibson Greetings, Inc. (Nasdaq: GIBG) today announced that the negotiating deadline set by its rival in the greeting cards industry, American Greetings Corporation (Nasdaq: AGREA), was "disingenuous" and nothing more than a cynical and malicious attempt by American Greetings to interfere in Gibson's business and undermine its relationship with customers, employees and shareholders. As previously announced, Gibson has rejected outright any merger negotiations with American Greetings on the basis of overwhelming antitrust problems.

The full text of a letter to Morry Weiss, Chairman of American Greetings, from Gibson Chairman and CEO Albert R. Pezzillo follows:

"I am writing in response to your latest press release, which, frankly, we believe is totally disingenuous. As you well know, Gibson has rejected merger negotiations with American Greetings on the basis of overwhelming antitrust problems. You and I both know that the antitrust problems are real and cannot be resolved -- neither today, nor by your March 19 'deadline,' nor at any time in the foreseeable future.

"Frankly, we regard your setting of a negotiating deadline as yet another indication of your cynical and malicious efforts to interfere with our business and undermine our relations with our customers, employees, and shareholders. In fact, the only positive news we read in your press release is that you plan to cease your attempt to acquire Gibson. That will enable us to get back to focusing on our business and to competing against you in the marketplace.

"The determination with which you appear to be pursuing us shows that you undoubtedly see us as a strong and viable player in the greeting cards industry. With our significantly reduced expense structure and focus on customer service, we are well poised to take full advantage of our many opportunities.

"Quite simply, as we have stated before, we believe that the prospects for an independent Gibson far outweigh the uncertainties posed in attempting a possible combination with American Greetings."

Gibson Greetings, Inc. is the world's second largest publicly owned manufacturer and distributor of everyday and seasonal greeting cards, gift wrap and related social expression products.
 -0- 3/8/96


/CONTACT: W. L. Flaherty, Senior Vice President - Finance, 513-841-6675, or Karen Durand, Director - Investor Relations, 513-841-6986, both of Gibson Greetings/

(GIBG AGREA)

CO: Gibson Greetings, Inc.; American Greetings Corporation ST: Ohio IN: HOU SU: TNM

BG-CS -- CLF022 -- 1686 03/08/96 15:45 EST
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Publication:PR Newswire
Date:Mar 8, 1996
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