Jo-Ann Stores Soars 32.1% On Takeover News (JAS)

Shares of Jo-Ann Stores, Inc. (NYSE: JAS) are trading up 32.1% at $60.30 per share during the Thursday morning trading session.

The stock surged today after Jo-Ann Stores, Inc announced that it had agreed to be acquired by an affiliate of Leonard Green & Partners, L.P., for $61.00 per share in cash, or approximately $1.6 billion.

The day's range for shares of Jo-Ann Stores, Inc. (JAS) has been between $60.25 and a 52-week high of $60.80 per share.

The average price target of analysts who cover Jo-Ann Stores, Inc was $54.14 per share.

Volume of 3.4 million shares is already nearly 9 times the daily average volume of 381,000 shares.

Chairman and chief executive officer Darrell Webb said, “We are excited about the prospect of working with Leonard Green & Partners as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores and pursue market share gains. With the help of our talented and dedicated team, we will continue to offer our customers a superior shopping experience for all of their fabric and craft needs.”

Jo-Ann Stores, Inc is the nation's largest specialty retailer of fabrics and one of the largest specialty retailers of crafts, operating 756 stores in 48 states.

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