Changes ahead for Joanns???
BOSTON (MarketWatch) -- Shares of Jo-Ann Stores Inc. /quotes/comstock/13*!jas/quotes/nls/jas (JAS 60.33, +14.70, +32.22%) soared 34% in premarket trade Thursday on news that the fabrics and crafts retailer will be acquired by an affiliate of private-equity firm Leonard Green & Partners LP for about $1.6 billion, or $61 a share, in cash. Jo-Ann's board has approved the deal and is recommending that shareholders adopt the agreement. The acquisition is expected to close in the first half of calendar 2011, subject to customary closing conditions. Under terms of the agreement, the retailer's board will also be allowed to solicit other proposals through Feb. 14. Shares of Jo-Ann Stores closed Wednesday at $45.63.