The Washington Post, September 2nd, 1999
H&R Block Inc. said today that it has agreed to buy Olde Financial Corp. for $850 million in cash, further diversifying the largest tax- preparation company into stock brokerage. Block shares fell $4.62 1/2, to $51, a two-month low, amid concern about fraud investigations and fines Olde has faced. The proposed acquisition also prompted analysts' warnings that Block may be taking on too much debt in a two-year diversification spree. Block has bought eight accounting firms since 1998, and two mortgage brokers and a stockbroker-dealer since June 1997. It is opening 70 H&R Block Financial Centers ...
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