Jo-Ann Stores Inc announced that it has penetrated into a perfect settlement to be acquired by an associate of Leonard Green & Partners, L.P., for a total price of approximately $1.6 billion, or $61.00 per share in cash. The offer price stands for a 34 percent premium to the closing price of Jo-Ann’s shares on December 22, 2010.
The board of directors of Jo-Ann Stores, on the recommendation of a particular committee comprised utterly of independent directors (the Special Committee), approved the merger agreement by a unanimous vote of the non-employee directors and recommends that the company’s shareholders adopt the agreement.