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H&R Block won't spin off CompuServe

H&R Block announces that it will not spin off its remaining 80 percent stake in CompuServe, at least for now.

H&R Block today announced that its board of directors has decided not to spin off its remaining 80 percent stake in CompuServe, at least for now.

The decision stems in part from CompuServe's recent first quarter and projected second quarter losses, according to H&R officials.

H&R said it will not present the anticipated spin-off at its annual meeting in Kansas City on September 11, but will continue to consider the matter.

The tax service spun off 20 percent of the number-two online service in April and planned to distribute the rest to its shareholders later this year.