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Article: HFS TO BUY JACKSON HEWITT ERA, COLDWELL BANKER PARENT TO PAY $480 MILLION IN CASH. ATTRACTION WAS RAPID EXPANSION OF VIRGINIA BEACH-BASED TAX SERVICE.(BUSINESS)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- November 20, 1997
- Author:
CopyrightCOPYRIGHT 1997 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: TOM SHEAN, STAFF WRITER
VIRGINIA BEACH -- Jackson Hewitt Inc., the tax-preparation service based in Virginia Beach, said Wednesday that it agreed to become part of a major provider of lodging and real estate brokerage services for $480 million in cash.
The offer from Parsipanny, N.J.-based HFS Inc. works out to about $68 for each of Jackson Hewitt's shares.
News of the agreement propelled the price of Jackson Hewitt's shares to a record high of $67.25 in heavy trading in the Nasdaq National Market. The stock closed at $66.94 - a gain of $15.44, or 23 percent, for the day.
HFS was attracted to Jackson Hewitt by its rapid ...