The fabric and craft store operator’s stock jumped $15.32, or 34 percent, to $60.95 in Thursday pre-market trading.
The deal is valued at $61 per share, a 34 percent premium to Jo-Ann’s Wednesday closing price of $45.63.
Lead Director Scott Cowen said in a statement that the Hudson, Ohio-based company was not actively seeking a buyout but felt it was in the best interest of its stockholders, workers and other partners.
Jo-Ann’s board unanimously approved the deal, but is allowed to seek alternative proposals through Feb. 14, 2011.
The acquisition is expected to close in the first half of 2011 if the majority of stockholders approve the transaction.
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