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Article: HFS to Buy Tax Preparer Jackson Hewitt
- Article from:
- The Washington Post
- Article date:
- November 21, 1997
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Shareholders of Jackson Hewitt Inc., the nation's
second-largest tax preparation firm, have plenty to be pleased about
these days.
The Virginia Beach company's stock is leading the region in
performance, now trading at 18 times its $3.75-a-share price at this
time last year.
And if that wasn't enough, shareholders got some even better
news Wednesday when HFS Inc., the New Jersey-based real estate and
travel services franchisor giant, announced it will acquire Jackson
Hewitt for $480 million in cash, or $68 a share. The sale price
represents a 32 percent premium over Jackson Hewitt's closing price
of $51.50 Tuesday.
Jackson Hewitt's shares closed yesterday on the Nasdaq Stock ...