Jo-Ann Skyrockets On Deal (JAS)

Shares of Jo-Ann Stores JAS are up sharply in pre-market trading, gaining 33.4% to $60.87, a gain of $15.24 after Leonard Green & Partners L.P. announced it was buying the retailer for $61 per share in cash. The company's board unanimously approved the deal, and said it has until February 14 to seek other buyers. The company was not actively seeking a buyer, but said it felt the deal was in the best interest of shareholders, workers and others involved. Shares closed at $45.63 yesterday. The deal values the company at $1.6 billion.