- Posted May 25, 2011
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Feds seek to derail H&R Block's deal for TaxACT
WASHINGTON (AP) -- The Department of Justice is trying to halt H&R Block's plans to acquire the creator of TaxACT software, saying the deal would reduce competition in the do-it-yourself tax preparation market.
The federal agency said on Monday that it has filed an antitrust lawsuit.
H&R Block Inc. announced plans in October to acquire 2SS Holdings Inc., which makes TaxACT software, for $287.5 million in cash. H&R Block said it would combine its H&R Block At Home digital business and the TaxAct business into a single unit led by TaxAct management, but will continue to sell both brands.
The Justice Department says the deal would "substantially lessen" competition and lead to higher prices and less innovation.
A call to H&R Block was not immediately returned.
Shares of H&R Block fell 28 cents, or 1.7 percent, to $16.05.
Published: Wed, May 25, 2011
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