NEW YORK (Reuters) - H&R Block Inc. (HRB.N: Quote, Profile, Research, Stock Buzz) will look at acquiring corporate accounting firms when the time is right, the company's chief executive said on Thursday.
That effort could be hampered by New York Attorney General Eliot Spitzer's having sued H&R Block on Wednesday.
But H&R Block CEO Mark Ernst said at the Reuters Banking Summit that many companies experience litigation, and when potential targets see H&R Block taking a stand against the government, they will be more willing to do business with the company.
H&R Block would look mainly at adding to its RSM McGladrey unit by acquiring accounting firms that cater to mid-sized companies, Ernst said. It doesn't make sense for H&R Block to add to its Option One Mortgage Corp. business through acquisitions now, Ernst said, because mortgage lending across the industry is slowing down.
The company has received inquiry in the past from leveraged-buyout firms, but is more interested now in running the company for the benefit of long-term shareholders, Ernst said.
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