Tuesday, March 27, 2007

Electronic Clearing House, Intuit Terminate Merger

Camarillo-based Electronic Clearing House and Intuit Inc announced this morning that they have mutually agreed to terminate the merger of the two companies. The merger, which was announced December 14th, would have been worth $142M in cash. ECHO and Intuit said that they have agreed to release each other from all claims under or related to the terminated merger agreement. No reason for the termination was given, however ECHO said that it is cooperating as a witness in a federal investigation relating to its Internet wallet customers, which were provided to online gaming websites.

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