H&R Block Inc. (HRB), the largest U.S. tax preparer, said in a regulatory filing Tuesday that it has agreed to terminate the merger agreement to buy 2SS Holdings Inc., the maker of TaxACT. digital do-it-yourself tax preparation software. after a U.S. court issued a permanent injunction blocking the deal.
In October 2010, H&R Block agreed to buy 2SS Holdings in a deal valued at $287.5 million. In May 2011, the U.S. Department of Justice filed a civil antitrust lawsuit in the United States District Court in Washington, D.C. to block the merger. On October 31, 2011, the United States District Court granted the DOJ's motion for a permanent injunction.
H&R Block said Tuesday that it does not expect to incur any early termination penalties as a result of the termination of the merger agreement.
H&R Block shares are currently trading at $15.94, up 33 cents or 2.11%.
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