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.