H&R Block rejects latest AOL bid for CompuServe
- 08 July, 1997 22:00
H&R Block, still hoping to sell off its 80% share in CompuServe., has rejected the latest bid from America Online, according to a report in the Wall Street Journal.
AOL, which last bid for its online rival in April, renewed its interest last week by offering nearly US$1 billion in a stock swap, the Wall Street Journal said, quoting people familiar with the bid. H&R Block rejected the offer.
AOL's latest bid is being helped with cash from Bertelsmann AG, the German-based publisher, according to a report last week by the Wall Street Journal Europe.
The Journal also reported that the New York investment firm Welsh, Carson, Anderson & Stowe made a bid for CompuServe, but that H&R Block rejected the offer because it would have required Block to retain a minority interest in the Columbus, Ohio-based online service.
Each of the companies declined to comment on the report.