American Achievement Group Holding Corp., the parent company of American
Achievement Corporation ("AAC"), today announced that its agreement to
be acquired by Jostens, Inc., a wholly owned subsidiary of Visant
Corporation, has been mutually terminated. This termination follows a
vote by the Federal Trade Commission ("FTC") to block the transaction.
Steven Parr, President and CEO of AAC, commented, "We are extremely
disappointed that we were unable to reach an agreement with the FTC to
allow the transaction to move forward. We strongly disagree with their
position and continue to believe that joining with Jostens would have
greatly benefitted consumers and the industry as a whole. Unfortunately,
our only other recourse is entering into a protracted litigation with
the FTC and we have determined that is a costly and disracting tactic
that is not in the Company's best interest."
Mr. Parr continued, "Looking ahead, AAC remains a strong and successful
business with outstanding brands and products, an exceptional team and
enviable competitive positioning. We are squarely focused on executing
our strategic plan and growing our business as an independent company."
Ropes & Gray LLP and WilmerHale acted as legal advisors to AAC, and
Goldman, Sachs & Co. acted as financial advisor.
About American Achievement
American Achievement provides products that forever mark the special
moments of people's lives. As the parent company of brands such as
ArtCarved®. Balfour®, Keepsake® and Taylor Publishing, American
Achievement's legacy is based upon the delivery of exceptional,
innovative products, including class rings, yearbooks, graduation
products, achievement publications and affinity jewelry through
in-school and retail distribution. American Achievement's products are
available through a variety of distribution methods, including direct
sales to students in high schools and college, national jewelry
retailers, independent jewelry stores and mass merchandisers. For more
information on American Achievement, please visit the company's web site
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