Jo-Ann Stores (NYSE:JAS) Sold to Leonard Green & Partners

Shares of Jo-Ann Stores (NYSE:JAS) are soaring today on the news Leonard Green & Partners has acquired the company.

The acquisition price was $1.6 billion, or $61 a share; a premium of 34 percent over Wednesday's close of $45.63.

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."

The Board of Directors of Jo-Ann have unanimously approved of the deal, and has set a date of February 14, 2011 for alternative offers.

The deal is expected to close in the first half of 2011, assuming shareholder approval.

Jo-Ann was trading at $60.25, up $14.62, or 32.04 percent, as of 12:35 PM EST.