Leonard Green's $1.6B Jo-Ann Buyout Triggers Probes

Law360, New York (December 23, 2010, 3:03 PM EST) -- Craft retailer Jo-Ann Stores Inc. has agreed to a $1.6 billion buyout by an affiliate of private equity firm Leonard Green & Partners LP, sparking probes from its shareholders’ lawyers on whether the company made proper disclosures and struck a sufficient deal.

The Hudson, Ohio-based retailer announced the acquisition agreement on Thursday, describing the offered price of $61 in cash per share as a 34 percent premium over the closing price of Jo-Ann equity shares on Dec. 22.

“We are excited about the prospect of working...
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