Ancora Holdings nominates Blucora directors, pushes for tax arm sale

Ancora Holdings nominates Blucora directors, pushes for tax arm sale
BLOOMBERG
Daniel Acker/Bloomberg
Activist investor Ancora Holdings Inc. has nominated four directors to Blucora Inc.'s board and is calling for the company to explore strategic alternatives for its tax services business, including a sale. The stock rose as much as 10%.
The Cleveland-based asset manager, which owns a 3% stake in Blucora, argued in a letter to shareholders Thursday, Feb. 25, that there are few synergies between the TaxAct unit and its wealth management and registered advisory business, Avantax. Selling TaxAct could boost the company's share price by 40% to 75%, Ancora said in the letter, a copy of which was obtained by Bloomberg.

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