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TMCNet:  American Achievement and Jostens Terminate Acquisition Agreement

[April 17, 2014]

American Achievement and Jostens Terminate Acquisition Agreement

AUSTIN, Texas --(Business Wire)--

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 (News - Alert)") 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 at www.balfour.com.


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