Jo-Ann Stores to Be Purchased for $1.6 Billion
The fabrics and crafts retailer's board has approved the deal and recommended that shareholders adopt the agreement.
Scott Cowen, lead director and chairman of the special committee that recommended approval of the deal, said he believes it "is the best way to maximize value for shareholders. "While the company was not actively seeking this transaction, once the offer was received and negotiated, the Special Committee determined that it was in the best interest of the company's shareholders, as well as its employees and other partners."
Todd Purdy of Leonard Green & Partners said, "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."