Feds seek to derail H&R Block's deal for TaxACT (AP)
WASHINGTON – The Department of Justice is trying to halt H&R Block's plans to take the creator of TaxACT software, locution the care would reduce rivalry in the do-it-yourself set preparation market.
The federal agency said on weekday that it has filed an just lawsuit.
H&R Block Inc. declared plans in Oct to take 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 organisation led by TaxAct management, but module continue to sell both brands.
The Justice Department says the care would "substantially lessen" rivalry and advance to higher prices and less innovation.
A call to H&R Block was not immediately returned.
Shares of H&R Block lapse 28 cents, or 1.7 percent, to $16.05.
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