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Liberty Tax Receives Takeover Bid

Nicole Ossenfort, Liberty Tax 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 Ossenfort said 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.

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