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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 15, 1996
INTUIT INC.
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(Exact name of Registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
0-21180 77-0034661
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(Commission (IRS Employer
File Number) Identification No.)
2535 Garcia Avenue, Mountain View, CA 94043
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(Address of principal executive offices) (Zip Code)
(415) 944-6000
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
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ITEM 5: OTHER EVENTS.
On September 15, 1996, Intuit Inc., a Delaware corporation
("Registrant"), and CheckFree Corporation ("CheckFree"), a Delaware corporation,
entered into an agreement pursuant to which CheckFree will acquire from
Registrant its online banking and bill payment processing subsidiary, Intuit
Services Corporation ("ISC"), in exchange for 12.6 million shares of CheckFree
Common Stock, representing approximately 23% of the resulting CheckFree shares
outstanding (the "Transaction"). Based on the closing price of CheckFree's
Common Stock on September 13, 1996 (the last business day before the Transaction
was announced), the Transaction is valued at approximately $227.6 million.
Intuit acquired ISC in July 1994 and has significantly
expanded its operations since that time. In November 1995, Intuit launched
online banking and bill payment via its Quicken software, using ISC to
accomplish connections between users and financial institutions. The Company
expects that the Transaction will allow it to reallocate management and
financial resources to its core businesses and to other emerging business
opportunities, while still participating indirectly in the banking and bill
payment processing business through its investment in CheckFree.
In connection with the Transaction, it is anticipated that
Intuit and CheckFree also will enter into certain ancillary agreements to assist
in the integration of ISC's operations into CheckFree and to otherwise
facilitate the transition. The closing of the Transaction, which is expected to
occur by early in calendar 1997, is subject to certain conditions, including the
approval of the CheckFree stockholders, obtaining certain regulatory approvals
and the registration of the CheckFree shares to be issued to Intuit under the
Securities Act of 1933, as amended.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INTUIT INC.
Date: October 15, 1996 By:/s/ James J. Heeger
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James J. Heeger
Chief Financial Officer
