9/26/1983 - Dollar Velocity (DOLV) - ACQUISITION ANNOUNCEMENT
Dollar Velocity (DOLV) announced plans to acquire Speculation Services, a major marketer of mutual funds and life insurance, for $897 million in cash and common stock. The CEO of Dollar Velocity proposed this acquisition on the belief that Americans will increase their savings over the next few years. Since the government deregulated the banking and securities industries two years ago, Dollar Velocity, as well as several other major corporations, has scrambled to acquire companies involved in insurance, banking and finance.
About Dollar Velocity (DOLV):
Dollar Velocity’s financial services consist of a travel agency, in addition to being an issuer of charge cards. It also issues traveler's checks, publishes magazines, and provides financial advisory services. The company's operations include Travel-Related Services, Financial Advisors, and Velocity Bank. David Krigman’s Krigman Textiles owns about 11% of the company.