Jo-Ann Stores (JAS) Agrees to be Acquired for $1.6B by P/E Firm Leonard Green & Partners
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Jo-Ann Stores Inc. (NYSE: JAS) announced Thursday that it has agreed to be acquired for $1.6 billion by an affiliate of private equity firm Leonard Green & Partners LP.
The deal values the fabric and craft store chain at $61 per share, representing a 34 percent premium over the stocks closing price on Wednesday of $45.63.
“Jo-Ann Stores is a clear leader in the fabric and craft retail industry. We are excited to partner with Jo-Ann Stores’ talented management team and look forward to the next phase of the company’s growth," Todd Purdy of Leonard Green & Partners said.
The deal has been unanimously approved by Jo-Ann's Board of Directors, and the company will be allowed to seek alternative proposals through February 14, 2011.
The acquisition is expected to close in the first half of 2011, pending the majority approval of the company's shareholders.
Shares of Jo-Ann are up 33.25 percent to $60.80 in premarket movement on Thursday.
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The deal values the fabric and craft store chain at $61 per share, representing a 34 percent premium over the stocks closing price on Wednesday of $45.63.
“Jo-Ann Stores is a clear leader in the fabric and craft retail industry. We are excited to partner with Jo-Ann Stores’ talented management team and look forward to the next phase of the company’s growth," Todd Purdy of Leonard Green & Partners said.
The deal has been unanimously approved by Jo-Ann's Board of Directors, and the company will be allowed to seek alternative proposals through February 14, 2011.
The acquisition is expected to close in the first half of 2011, pending the majority approval of the company's shareholders.
Shares of Jo-Ann are up 33.25 percent to $60.80 in premarket movement on Thursday.
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