Newsbroke at 8:00:00 AM 12/23/10. Headline read:
Jo-Ann Stores to Be Acquired by Leonard Green & Partners, L.P. for $61.00 Per Share in Cash
So you don't even bother looking at where it closed. Only relevant prices are what's on the offer between where it is now and about $58 (give or take). I don't like to pay right up to the bid price, but I'll pay close. You can see on my screen that I start to buy 49.50's and stop at 57. Funny thing is, checking eSignal time and sales, I don't think I got the first 400 shares, but I think I got all the rest. I did manage to sell 1,000 at 62, and 500 traded as high as 64.11 but that wasn't me. The trades since have largely been in the mid to high 60's, which is where I sold the remainder. Anyway, Christmas present a bit early.