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Court Blocks Block Purchase of TaxAct
H&R Block suffered a big setback this week as a federal judge has halted its purchase of 2SS Holdings, the owner of the TaxAct tax preparation software line. The U.S. Justice Department had opposed the deal, arguing that it would violate anti-trust laws. Just over a year ago, Block agreed to buy the smaller company for $287.5 million in cash.
Judge Beryl Howell of the U.S. District Court for the District of Columbia has granted a permanent injunction that prevents the transaction from being consummated. Block did not respond to a request for comment on the action and issued no public statement about the court's ruling.
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