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TAXA

Liberty Tax

$0.00

(0.00%)

10:13
07/11/19
07/11
10:13
07/11/19
10:13

Liberty Tax to pursue new business model, offering $12 per share for all shares

Liberty Tax, the parent company of Liberty Tax Service, last night announced that it has entered into definitive documentation with affiliates of Vintage Capital Management providing for a series of strategic transactions, including the acquisition by Liberty Tax of all of the outstanding equity interests in Buddy's Newco, which operates substantially all of the Buddy's Home Furnishings business. Liberty Tax's acquisition of Buddy's was consummated concurrently with the execution of the definitive documentation. "These transactions are intended as the first step in a strategic transformation of Liberty Tax. Under the direction of its board of directors, Liberty Tax intends to evaluate the acquisition of or investment in other franchise-oriented or complementary businesses, including businesses that are not presently subject to franchising arrangements but that have the potential to be franchised in the future. In recognition of the anticipated shift in its strategic direction, Liberty Tax intends to change its name to Franchise Group. Liberty Tax will remain a publicly-traded company and intends to pursue a re-listing of its common stock on a national securities exchange," the company said. In addition, Liberty Tax intends to promptly commence a tender offer for any and all outstanding shares of common stock at a price of $12.00 per share in cash, representing an approximately 31.5% premium to the closing price of Liberty Tax on May 3, the day before the public announcement regarding a potential transaction between Liberty Tax and Vintage. The tender offer will be financed through a combination of debt and equity financing. Concurrent with the closing of the acquisition of Buddy's, Liberty Tax issued to an affiliate of Vintage approximately 2.083M shares of common stock in exchange for $25M in cash, representing a purchase price of $12.00 per share, and Buddy's borrowed approximately $82M in cash. Any excess financing proceeds that are not required to finance the tender offer will remain on the balance sheet of Liberty Tax or its subsidiaries. An affiliate of Vintage has also entered into a binding commitment with Liberty Tax to purchase additional shares of common stock at a purchase price of $12.00 per share in the event that the net proceeds from the equity and debt financings referred to above are not sufficient to enable Liberty Tax to purchase all shares that are validly tendered and not withdrawn in the tender.

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Cochlear

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BURBY

Burberry

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SPI

SPI Energy

$2.26

0.03 (1.35%)

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LEA

Lear

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NUS

Nu Skin

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1.44 (3.27%)

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CHAC

Chardan Healthcare

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LEVI

Levi Strauss

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Ralph Lauren

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2.555 (2.27%)

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PVH Corp.

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CRZO

Carrizo Oil & Gas

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0.5 (4.67%)

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RL

Ralph Lauren

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PVH

PVH Corp.

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2.08 (2.30%)

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PVH

PVH Corp.

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2.08 (2.30%)

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SHLX

Shell Midstream

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0.32 (1.51%)

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HSY

Hershey

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SGEN

Seattle Genetics

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-0.87 (-1.36%)

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  • 09

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KSHB

KushCo Holdings

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04:55
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KushCo Holdings management to meet with Compass Point »

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TELL

Tellurian

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-0.1 (-1.29%)

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DOVA

Dova Pharmaceuticals

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CRD.B

Crawford & Company

$9.34

-0.13 (-1.37%)

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Crawford & Company management to meet with William Blair »

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PANW

Palo Alto Networks

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, FTNT

Fortinet

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Palo Alto Networks

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FTNT

Fortinet

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PFPT

Proofpoint

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CHKP

Check Point

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SAIL

SailPoint

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OVID

Ovid Therapeutics

$2.39

-0.19 (-7.36%)

04:55
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Ovid Therapeutics management to meet with JMP Securities »

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CLNE

Clean Energy

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-0.01 (-0.36%)

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Clean Energy management to meet with Craig-Hallum »

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VFF

Village Farms

$9.29

-0.125 (-1.33%)

04:55
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Village Farms management to meet with Roth Capital »

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  • 17

    Jul

CASY

Casey's General Stores

$160.35

0.98 (0.61%)

04:55
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