Tuesday, March 27, 2007

Intuit, Electronic Clearing House Terminate Merger

Mountain View-based Intuit and Electronic Clearing House announced today that the two have mutually terminated their acquisition agreement. The companies, which announced a $142M acquisition of ECHO in December, said that the companies determinated that it was in the mutual best interest of each company to terminate the proposed agreement. No specifics of the termination were given. The companies said that Intuit and ECHO have agreed to release each other from all claims relating to the terminated acquisition agreement. Intuit had originally agreed to pay $18.75 per share in cash for each share of ECHO common stock.