Leonard Green & Partners announced that it will acquire Jo-Ann Stores Inc., doling out $1.6 billion for the fabric retailer.
Jo-Ann Stores shareholders will receive $61 per share in cash in the transaction, a 34 percent premium to the stock’s closing price on Dec. 22, 2010. The agreement permits Hudson, Ohio-based Jo-Ann Stores to solicit other offers through Feb. 14, 2011.
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