Cards Shuffled To Challenge Hallmark

American Greetings Corp. is interested in acquiring Gibson Greetings Inc., a buyout that would create a major competitor for Hallmark Cards.

Gibson Greetings, which is reorganizing after suffering a $28.6 million loss last year, said Thursday it is exploring outside offers but refused to name the buyers.

“There is no assurance that any transaction will occur,” said Benjamin J. Sottile, chairman and chief executive officer of Gibson, the Cincinnati-based maker of greeting cards and gift wrap.

Gibson said it would hire an investment banking firm to help evaluate whether to sell.

American Greetings spokesman John Barker said on Thursday afternoon that the Cleveland-based card maker has expressed its interest to Gibson.

Meanwhile, Gibson is still looking for a buyer for its gift wrap division, Cleo Inc., based in Memphis, Tenn.