Business Services Industry
HFS Seeks Shares of Virginia-Based Jackson Hewitt After Buyout Agreement.(Originated from The Virginian-Pilot, Norfolk, Va.)
Knight Ridder/Tribune Business News, November, 1997 by Shean, Tom
VIRGINIA BEACH--Nov. 27--HFS Inc., the lodging and real estate company that last week announced an agreement to buy Jackson Hewitt Inc. for $480 million, has begun shopping for shares of the tax-preparation service.
In an agreement approved by Jackson Hewitt's board, HFS has offered $68 in cash for each of Jackson Hewitt's 6.66 million common shares and 440,684 shares reserved for stock options.
HFS is likely to have little difficulty gaining control of the Virginia Beach-based company. In a recent filing with the Securities and Exchange Commission, HFS said Jackson Hewitt executives and directors with control of over 817,593 shares have agreed to sell their shares to HFS.
HFS said last week that it sought to acquire Jackson...
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