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That argument does not apply in the current case, though, because Joann was being publicly traded [1] when it got bought by private equity in 2011. The manageme
by hollerith 2y ago
That argument does not apply in the current case, though, because Joann was being publicly traded [1] when it got bought by private equity in 2011. The management of the publicly-traded company explained,
>“We are excited about the prospect of working with Leonard Green & Partners [a private-equity firm] as we further capitalize on opportunities to accelerate the expansion and upgrade of our stores and pursue market share gains,” Darrell Webb, chairman and chief executive of Jo-Ann Stores, said in a statement [1].
[1] https://archive.nytimes.com/dealbook.nytimes.com/2010/12/23/leonard-green-offers-1-6-billion-for-jo-ann-stores/ https://archive.nytimes.com/dealbook.nytimes.com/2010/12/23/...
- lotsofpulp 2y agoPart of owning equity in a publicly traded company is for shareholders to accept the decisions of the board (management). Or otherwise engage in a conflict with the board. Even if Joann was a viable business on its own, if most shareholders wanted to accept the price being offered for the business (presumably reflected by the board's votes), then that is all that matters.
- deleted 2y ago[deleted]
- deleted 2y ago[deleted]
- Blackthorn 2y agoI don't think anyone is arguing over that. What we're saying is that Joann's was a victim of private equity, which is orthogonal to that point.