Intuit, Electronic Clearing House mutually terminate acquisition valued at $142 million

By Lisa Kerner

Charlotte, N.C., March 27 - Intuit Inc. and Electronic Clearing House Inc. mutually terminated the companies' acquisition agreement entered into on Dec. 14.

As a result, the special meeting of Electronic Clearing House stockholders slated to reconvene on March 27 has been cancelled.

The agreement had called for Intuit to pay $18.75 per share in cash in exchange for each share of Electronic Clearing House common stock for an estimated total purchase price of $142 million.

"Our overall strategy for growth in the payments market has not changed," Intuit president and chief executive officer Steve Bennett said in a company news release.

"The payments market continues to be an important part of our business strategy."

Intuit, based in Mountain View, Calif., provides business and financial management solutions for financial institutions, small and mid-sized businesses and consumers.

Electronic Clearing House is an electronic payment processor located in Camarillo, Calif.

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