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Jo-Ann Stores to Be Acquired by Leonard Green Unit

Jo-Ann Stores Inc. agreed to be acquired by an affiliate of Leonard Green & Partners LP for $1.6 billion to accelerate expansion of the largest U.S. fabric retailer.

The cash offer of $61 a share was 34 percent higher than yesterday’s closing price of $45.63, Hudson, Ohio-based Jo-Ann Stores said today in a statement. The board can solicit other proposals through Feb. 14.