Jo-Ann acquisition moving forward
HTT Staff -- Home Textiles Today, 2/15/2011 8:45:38 AM
Hudson, Ohio - Jo-Ann Stores will hold a special meeting on March 18 for shareholders to vote on its proposed acquisition by an affiliate of the private equity firm Leonard Green & Partners L.P.
The retailer said it did not receive any alternative offers.
Jo-Ann entered into a definitive agreement for its purchase for a total price of about $1.6 billion, or $61.00 per share in cash. The offer price represents a 34% premium to the closing price of Jo-Ann's shares on Dec. 22.
Los Angeles-based Leonard Green & Partners retail investments include Whole Foods Market, Petco, Leslie's Poolmart, Sports Authority, The Container Store, Tourneau, David's Bridal, Neiman Marcus Group, Jetro Cash & Carry and Tire Rack.