Federal District Judge Issues Permanent Injunction Against H&R Block's Acquisition of TaxACT in United States v. H&R Block, Inc.

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On October 31, 2011, the U.S. District Court for the District of Columbia announced its decision to issue a permanent injunction blocking H&R Block's proposed acquisition of the company that markets the TaxACT line of tax-preparation software. The court found that the proposed acquisition would substantially lessen competition in the global market for digital do-it-yourself tax-preparation products. The decision is a noteworthy win for the Department of Justice (DOJ), marking the first time that it has won a merger trial in several years.

The Proposed Transaction

H&R Block markets a line of tax-preparation software under the brand name "H&R Block At Home" (formerly known as "TaxCut"). On October 13, 2010, H&R Block entered into a $287.5 million agreement to acquire 2SS Holdings, Inc., which markets the tax-preparation software "TaxACT."

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Published In: Antitrust & Trade Regulation Updates, Civil Remedies Updates, Mergers & Acquisitions Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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