Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: There was time for one last retail buyout before the holidays when it was announced today that Jo-Ann Stores (NYSE: JAS) would be purchased by an affiliate of Leonard Green & Partners.

So what: The cash deal was for $1.6 billion, or $61.00 per share, a jump of 34% from yesterday's closing price. The board can look for better offers until Feb. 14, but based on the stock price today, the market thinks this bid will stick.

Now what: Jo-Ann follows J. Crew and Gymboree in accepting a buyout this year. The buyers think being private will give Jo-Ann the chance to renovate stores and speed up expansion without the scrutiny of Wall Street. If shareholders want to hang on until the deal closes, they can squeeze a few more cents out of the stock, but most of the heavy lifting has been done, so this Fool would cash out now.

Interested in more info on Jo-Ann Stores? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his Motley Fool CAPS picks at TMFFlushDraw.

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