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Block Drops TaxAct Bid E-mail
Written by The Progressive Accountant   
Tuesday, 15 November 2011 18:38

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_hrb_logoH&R Block is dropping its bid top acquire TaxAct Software after a federal judge last  month ruled the purchase of 2SS Holdings, which owns TaxAct, would violate anti-trust laws. Block, which planned to pay $287.5 million for the deal, said it would not appeal the judge's decision. In an SEC filing, Block said it was terminating the Octobe 2010 merger agreement. The original plan was to combine TaxAct with Block's At Home digital business in a single unit.

 

On October 31, U.S. District Judge Beryl Howell granted the Department of Justice's request for a permanent injunction to block the combination. Howell said that if the deal went through Block and Intuit would have controlled 90 percent of the market.




The Progressive Accountant
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