In an initial offering that divested Cendant Corporation of its ownership interest, Jackson Hewitt yesterday sold 37.5 million shares of stock for $637.5 million. The shares sold for $17, a bit less than the $18-20 the company predicted in its SEC filing. Jackson Hewitt will not receive the proceeds of the offering because the shares were sold by Cendant. Jackson Hewitt is the country's second largest tax preparation service with over 4,900 franchised and company-owned locations. The shares will trade on the New York Stock Exchange under the symbol "JTX."
Posted by franchiselawblog at June 23, 2004 12:16 PM