Intuit (Nasdaq:INTU) and Electronic Clearing House (ECHO) have mutually terminated the acquisition agreement entered into by the parties on Dec. 14.
Both companies determined that it was in the mutual best interest of each company to terminate the proposed agreement.
"Our overall strategy for growth in the payments market has not changed," said Steve Bennett, Intuit president and chief executive officer. "The payments market continues to be an important part of our business strategy."
Intuit and ECHO have agreed to release each other from all claims arising under or related to the terminated acquisition agreement. ECHO also cancelled its previously adjourned special stockholders meeting relating to the proposed acquisition, which was scheduled to reconvene on March 27.
Under the terms of the terminated agreement, Intuit had agreed to pay $18.75 per share in cash in exchange for each share of ECHO common stock, including shares issuable upon exercise of options. The total purchase price would have been approximately $142 million on a fully diluted basis.