Taking a victory lap on Jo-Ann Stores
Just in case you missed the news on Thursday morning due to pre-holiday merry-making, Jo-Ann Stores (JAS) announced that they were going private. Leonard Green & Partners agreed to acquire the chain of craft stores for $61 a share, which sent the stock up over 32% in one day.
But the news shouldn’t come as much of a surprise to FootnotedPro subscribers. Indeed, we put out a report back on March 19, 2009 that suggested that J0-Ann Stores was a likely takeover target. At the time, the stock was trading at just over $14 a share.
Granted, it took a lot longer for the deal to materialize than we initially expected. Still, we’re guessing that few people would pass at the opportunity to have a stock in their portfolio increase three-fold in less than two years.
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