Electronic Clearing House Inc., a provider of electronic payment and transaction processing services, has mutually agreed with Intuit Inc. to scuttle their $142 million merger agreement, which was inked on Dec. 14.
Joel M. Barry, chairman and chief executive officer of ECHO was "disappointed" they could not continue with the merger. "We incurred a substantial amount of expenses in connection with the proposed transaction. These expenses, combined with the amount we agreed to disgorge to the government and additional expenses we expect to incur in connection with the federal investigation, will negatively impact our near-term financial results." he continued.
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