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Liberty Tax, whose ownership changed hands during the summer, has received a bid for all outstanding share at $13 per share. That is about $182 million based on shares reported outstanding in the company’s most recent Form 10-K.
The Virginia Beach, Va.-based company identified the proposal only as an unsolicited and non-binding proposal from an unaffiliated private equity fund. Liberty said it would review the bid and solicit other interested parties.
“We remain confident in Liberty Tax’s strategic plan and the significant growth opportunities available to us. At the same time, we are open-minded and willing to consider any transaction that maximizes value for our stockholders,” CEO Nicole Ossenfortsaid in a prepared statement.
Liberty was acquired in July by Vintage Tributum, an affiliate of Vintage Capital Management which acquired the Class A and B shares of founder and former CEO John Hewitt. The deal ended the existence of Class B shares, via which Hewitt had continued to control the company after he was fired in September 2017.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
