American Greetings Corp said it received a go-private offer from a group led by its chief executive, valuing the company at about $532 million.

 The offer of $17.18 per share represents a premium of nearly 20% to the stock's Tuesday close of $14.34.

The company, whose brands include American Greetings, Carlton Cards and Gibson, said it will form a special committee of independent directors to consider the proposal.