Friday, December 31, 2010

BJ's (NYSE:BJ) Still Moving Up on Jo-Ann Stores (NYSE:JAS) Bid, Rumors

Expectations there could be a competing bid form Leonard Green for
BJ's Wholesale Club (NYSE:BJ) after Jo-Ann Stores (NYSE:JAS) bid, continues to push the share price of BJ's up, as they've gained over 9 percent in the last couple of trading sessions.

BJ's was trading at about $42 a share in November on initial rumors someone was interested in acquiring them, and have continued to gradually move up after the Jo-Ann bid.

Analysts watching the story believe if there is another bid it would come in at about $55 a share.

BJ's closed Thursday at $48.55, gaining $0.93, or 1.95 percent. Jo-Ann closed at $60.18, down $0.04, or 0.07 percent.

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